Since the start of the conflict in Ukraine and consequent sanctions following the Covid$-19$ supply$-$chain disruptions there has been the risk of countries circumventing these sanctions, challenging the International Monetary System and the US Dollar domination as a unit of account. There has been evidence of some countries engaging in bilateral trade denominated in currencies other than the US Dollar for their mutual benefit.

Discuss the potential risk and consequences of these and towards the future of globalization.