I hope it will. The new sanctions do little to hit Iran's banks and Revolutionary Guards directly, as Iran has been under US sanctions for a long time in any case. What they do instead is to unilaterally raise transaction costs for Asian, European, and other financial institutions that do business with Iran, which should certainly make the power elites of Asia, Europe, and other regions think hard about the costs of the dollar hegemony as Washington is clearly using it for its own purely geopolitical purposes with no economic rationale in the interests of the multinational ruling classes.
Washington has increasingly turned to the dollar weapon (not only against Iran but also Cuba) -- the threat of cutting others off from the US financial system -- even as the dollar hegemony has begun to wane,* slowly but surely, the waning that may be marginally accelerated by the way Washington is using it directly against friends and neutrals to indirectly attack foes.
The dollar's weakness, moreover, narrows options for the US Federal Reserve facing the twin dangers of credit crunch and economic recession, both of which are fundamentally rooted in the subprime US economy, the result of the US ruling class's Pyrrhic victory over US workers.
* <http://biz.yahoo.com/ap/070917/germany_greenspan_euro.html?.v=1> AP Greenspan: Euro Gains As Reserve Choice Monday September 17, 8:07 am ET Report: Former Fed Boss Says Euro Could Replace U.S. Dollar As Favored Reserve Currency
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Greenspan said that at the end of 2006, some 25 percent of all currency reserves held by central banks were held in euros, compared to 66 percent for the U.S. dollar.
In terms of being used as a payment for cross-border transactions, the euro is trailing the dollar only slightly with 39 percent to 43 percent.
Greenspan said the European Central Bank has become "a serious factor in the global economy."
He said the increased usage of the euro as a reserve currency has led to a lowering of interest rates in the euro zone, which has "without any doubt contributed to the current economic growth."
On 10/25/07, joanna <123hop at comcast.net> wrote:
> What kind of currency is Iran accepting for its oil?
65% of Iran's oil sale income is in euros and 20% in yen, according to Mohammad-Ali Khatibi, deputy head of the National Iranian Oil Company in charge of marketing, as of the beginning of this month (AFP, "Iran Slashes Oil Transactions in Dollars," 2 October 2007, <http://news.yahoo.com/s/afp/20071002/bs_afp/iranforexdollaroil_071002084133>). -- Yoshie <http://montages.blogspot.com/>