China and Russia seem to be on the verge of setting up their own competing system to SWIFT. If Saudi moves their money in that direction it would likely mean that every other Asian country would have to sign up as well due to the geopolitical circumstances. This could lead to a sort of Cold War where nations are expected to choose sides in terms of financial system. Also worst case scenario for the petroleum dollar.
China and Russia seem to be on the verge of setting up their own competing system to SWIFT. If Saudi moves their money in that direction it would likely mean that every other Asian country would have to sign up as well due to the geopolitical circumstances. This could lead to a sort of Cold War where nations are expected to choose sides in terms of financial system. Also worst case scenario for the petroleum dollar.
Tjey already have it. Research the BRIC nations.
Brazil, Russia, India, China and I think Saudi joined in forming a bank.
BRICS to insulate against the world Bank.