A good analysis, but there's an assumption that everything is measured against the dollar. I wonder for how long this will continue to be true ?
The recent actions of the US have caused a number of countries (not just Russia, but also China, India, Saudi Arabia and even Israel) to de-dollarise some or all of their forex reserves. Bilateral trade deals between them (particularly Russia, China & India) are being conducted in native currencies rather than dollars; the BRICS countries and possibly the SCO (Shanghai Co-Operation Organisation) are working on setting up reserve currency arrangements based on a basket of their currencies.
So in the mid to long term, the dollar's dominance as the global reserve currency is being challenged by both crypto and non-dollar currencies.
I can imagine the outrage of the countries that are forced to use the dollar as the currency for exports and imports. Most countries strive tirelessly to raise their GDP; China, using its mercantilism approach, has been working their butt off to reduce the value of its currency and increase exports. Germany and Japan manufacture and export a wide variety of high-quality goods. That's how every country (or at least the vast majority of them) "makes money." Meanwhile, the U.S., a twin deficit country (spending>revenue and imports>exports), get to print a lot of money and watch the DXY rise to new heights. All that thanks to the dollar's status as the world reserve currency. I am aware that these countries are pissed, but I am uncertain whether there is a currency that can replace the dollar for now.