This is already the case for much of commodities trading which is a naturally international business dealing with "interesting" countries. Including in (now for

This is already the case for much of commodities trading which is a naturally international business dealing with "interesting" countries. Including in (now formerly) banned countries like Iran. Even if you're not doing the trade in USD, your accounting currency is probably the USD (even if you're based in say, Geneva and have no business in the US) and every trade is immediately FX-hedged back to USD. Fun things happen when you can't hedge the currency (because, say, it's extremely illiquid, like the CFA franc). This also applies to commodities like fertilizers in Argentina. The price of doing a trade usually increases for the local counterparty to match the risk taken by the foreign counterparty. And then, you try and hedge it anyway using a basket of things. You can hedge ferts to an extent with a basket of agricultural commodities that use them and hope the relationship holds. It's worth taking the risk because you can have such a deep discount and increase your normally razor thin margin (a hedged physical trade might not net you 1%, but you might get double digit percent shipping rice from Myanmar to Nigeria).