This makes me wonder if the petrodollar system will end soon. It would be trivial for Russia, India, China, and Saudi Arabia to create their own version of CME

This makes me wonder if the petrodollar system will end soon. It would be trivial for Russia, India, China, and Saudi Arabia to create their own version of CME and list oil futures in terms of a neutral commodity like gold, or even something like BTC. A lot of countries are nervous about what has happened in Russia, fearing they may be next. Creating an alternative petro system will derisk sanctions, and remove the need to have dollars as the reserve currency.