Russia's central bank has run out of good options to prop up its sagging currency, researchers at the Carnegie Endowment wrote this week.
The US dollar won't be displaced by any of its rivals anytime soon, Morgan Stanley said.
As a key Treasury license is set to expire this month, it could become a lot harder for Russia to transact in foreign currencies.
Russian banks have nearly run out of their yuan stash, thanks to Chinese firms being more hesitant to do business with the nation.
Russian banks are urging Russia's central bank to increase yuan liquidity through swaps. The central bank is advising lenders to limit yuan loans.
Payment scuffles between Russian companies and Chinese banks have escalated in recent weeks, with Chinese firms pulling back amid fear of sanctions.
The yen is only one risk. Another currency pairing with a very wide spread could soon unravel too.
The Chinese yuan spiked against the US dollar on Monday in moves that were similar to the Japanese yen carry trade unwind.
Chinese banks are tightening compliance checks, fearing repercussions from Western sanctions.
Dollar dominance is sticking around for at least the next few decades, one currency expert told Business Insider.
China's yuan fell to its lowest value against the ruble in a year as holders eye the impact of sanctions and as central banks boost dollar holdings.
Practically no one is phasing out the dollar in trade or in foreign reserves, one leading commodities analyst says.
The US dollar index is trading at a six-month high as hopes of a Fed rate cut fade, and it's come at the expense of several emerging-market currencies
"China overcame even greater challenges when it started on the path of economic reform in the late 1970s," Nicholas R. Lardy wrote in Foreign Affairs.
The price of gold has surged to a record high, and Swiss exports of the precious metal to China nearly tripled to start the year.
Russian firms are already facing high debt costs as the country's central bank keeps rates high to fight inflation.
"To use the dollar as a tool of foreign policy struggle is one of the biggest strategic mistakes made by the US political leadership," Putin said.
Global firms had to find cheaper alternatives to dollar debt as the Fed raised interest rates, the Atlantic Council wrote.
IMF data showed the greenback's share of global central bank reserves dipped to 59.2% in the third quarter from 59.4% in the prior quarter.
The US dollar could soon be in the same position as the British pound in the 1800s, a former White House economist warned.