An acquaintance who works in finance in a major SE Asian financial hub (not China, you can probably guess the country) explained to me early on how SEA countries dependent on Russian oil (and some other) imports were getting around SWIFT and sanctions: the Chinese set up a series of banks to process payments in RMB. He said that use of SWIFT and sanctions to try to stop trade with Russia had accelerated the erosion of the dollar as reserve currency, and this was a slow process that was already underway, and that while the process was accelerated, it would hardly happen quickly.
His stance is that “market forces will find a way” — and that “weaponizing” (as you put it) SWIFT and the dollar has eroded trust and caused non-Western countries to be leery of complete dependence on them, hence seeking alternatives. Again, he stressed this won’t happen overnight, and seemed to be looking at least a decade or so out.
—> He said that use of SWIFT and sanctions to try to stop trade with Russia had accelerated the erosion of the dollar as reserve currency, and this was a slow process that was already underway, and that while the process was accelerated, it would hardly happen quickly.
“By 2032”