OPINION: The potential rise of the Chinese currency in international oil trades is unlikely to dislodge the US dollar from its hugely dominant position in the global system any time soon.

Russian Deputy Prime Minister Alexander Novak said last week that some agreements have already been struck to allow for purchases of Russian oil and coal supplies to be denominated in Chinese yuan.

The two chief rivals to US global hegemony are not alone in looking for ways to sidestep US and European sanctions targeting international transactions involving Russian banks.