It's no secret that much of the world wants to break away from using the U.S. dollar for its overseas trade and financial transactions. It's also no secret that Russia and China have been working together and allocating considerable resources on this project for financial independence since 2009.
Which is why this story must be so disheartening for enemies of U.S. Dollar Hegemony.

The two nations have been keen to cut their dependence on the US dollar for some time, and continue to talk about establishing a new system for direct yuan-rouble settlements despite multiple delays.

“The US is the most powerful economy in the world. If we want to avoid dollar hegemony, the first thing we need to do is to avoid using dollars, because the foundation of the US economy is based on the dollar reserves owned by other countries and this has given it the ability and confidence to press other countries to play by its rules,” said economist Sergey Glaziev.

“US influence would eventually be weakened if we do so.”

The dependence of the Russian economy on the US dollar was illustrated by three failed attempts this week during the St Petersburg International Economic Forum to exchange Chinese yuan for Russian roubles. Three major Russian banks refused to process the transaction, saying they would only sell roubles for US dollars.

Think about that for a moment.
Three major Russian banks, in St Petersburg, right in front of the Chinese diplomats, refused to do a transaction that representatives of the so-called dictator Putin instructed them to do.
Who really has more power in Russia?

China is struggling to get out from under the U.S. financial system as well.
Both Russia and China have developed alternative systems to SWIFT (Society for Worldwide Interbank Financial Telecommunication).
China has designs for being the world's reserve currency and is engaged in a trade war with the U.S., so you would think that they would be cutting ties to SWIFT. Think again.

The SWIFT interbank messaging provider is expanding its footprint into the world's second-largest economy, with the Brussels-based society saying Wednesday that China has approved the founding of a subsidiary in Beijing.
...
"If you want to be part of the club you need to join the rule of the club," Raes said in an interview in Beijing.

More than anything China wants to be part of "the club", even at the expense of their own system.
Everyone with a modicum of intelligence understands the importance of having the globe's reserve currency. Consider what Democrat Congressman Brad Sherman said recently to justify his campaign to ban cryptocurrency outright.

I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency. If you look at the advertising for the boosterism of cryptocurrency, it reads like something between Libertarianism and Anarchism.

An awful lot of our international power comes from the fact that the dollar's the standard unit of international finance and transactions, clearing through the New York Fed. And it is that the announced purpose of the supporters of cryptocurrency to take that power away from us.

Cryptocurrencies by themselves are no threat to dollar hegemony.
But a nation state, using a cryptocurrency, backed by gold, is another story.
Iran, Venezuela, Russia and China have all created their own gold-backed cryptocurrency.
Meanwhile Russia and China have bought enormous amounts of gold for their central banks, while selling U.S. dollars.