Not really. This is how US is able to unilaterally impose sanctions on Iran. Since international transactions go through USD, they have effectively cut Iran from being able to transact with the rest of the world on a meaningful scale. European countries tried to build an alternative to circumvent the need for a USD layer, but it has not been successful. USD's unique position in the international stage allows US to impose its domestic policy on a large part of the world. From Washington Post:
> The power of U.S. sanctions lies in the use of the U.S. dollar in most international transactions. A foreign company that sends its proceeds from trade with Iran through an international bank would likely face sanctions because part of it would be conducted in dollars. An international company with an American employee who has something to do with a transaction, no matter how inconsequential, could also run afoul of U.S. sanctions.
