Sanctioning Israel: A Realistic Path for Dedollarisation
As Hamas and its allies tighten the screws on Isrsel via maritime military siege, Iran is upping its global rhetoric on the need to boycott and sanction Israel.
At the same time, an ICJ ruling is expected to open the door for sanctioning/boycotting Israel as means to make it end its Gaza genocide. However, any country engaged in such activity will almost certainly be faced with US sanctions. This will shed the light yet again on the role of the dollar and the us financial system in enacting global policies perceived as unjust questioning its supposed leadership role in the international system.
The only way to stop this from happening is to expand dedollarisation. The process of curtailing the US dollar hegemony lacked moral standing. Neither China nor Russia, who champion dedollarisation, had a a moral case for dedollarisation beyond their own national interests.
With Russia and China siding with Palestine and increasingly portraying themselves as the good guys, there is a realistic path to use the incoming US sanctions to advance the dedollarisation agenda. On one hand, this will help undermine the US financial war on Palestine and its friends. On the other hand, it will push Russia and China's vision for a multipolar world order.
Russia and China can offer loans, investments, and aid in non-dollar currencies to Palestine and its friends sanctioned by the US. This will pressure the US to not over extend its financial might risking worsening the situation.