Experts believe that the full implementation of the plan of Russia and China to challenge the dollar on the world stage is still a long way off.

The Russian economy is too fragile and China controls capital flows, making national currencies less attractive. Therefore, it will take a long time to create any serious alternative to the U.S. dollar.

Russia’s attempts to challenge the dollar are unlikely to work, experts say, even despite its active rapprochement with China and the creation of an alternative reserve currency. So the dominance of the dollar in the global economy will remain undeniable.

Last year, Russia took such measures as rejection of currencies of “unfriendly” countries and plans to create a new reserve currency together with China and other countries of BRICS, which also include Brazil, India and South Africa. However, all attempts to reset the dollar from the top of the world market, according to experts, will not be a real challenge for the U.S. currency.

Jay Zagorsky, an economist at Boston University, sees one of Russia’s main problems as the inextricable connection of the economy to the dollar through oil trade. Crude oil is Moscow’s main source of revenue, and transactions are often conducted in dollars. At the same time, the economy is under strict sanctions, which does not bode well for the dollar plan so far, writes Business Insider.

As for China, although it is becoming a major economic power in the world, and within the next decade there may be a bipolar currency system in which the yuan will compete with the dollar, this scenario is only a remote possibility. It will take a long time for it to be trusted and widely used in trade, whereas the dollar has accounted for 96% of world trade in recent decades and the yuan only 2% of world trade.

Earlier we reported that the banking crisis led to the collapse of the Swiss franc.