With Russia, it is almost a certain deal. But China need to take it to next step. Like I said, China need to open the capital market to Russian money, so that Russia will have more incentive to keep Yuan. Let Russian money flow into Chinese stock exchange and money market. Also let Russia sell oil in China commodity exchange, in Yuan of course, and let other countries buy Russian oil and gas and other resources export through China commodity exchange. It is a win win for every one. Once that happen, Petro Yuan is a reality, and China can leave dollar trap for good. Countries will start accumulating Yuan to purchase their energy needs, and before long, Yuan will become reserve currency.

btw, Argentina has a new far right president who want to dollarize the nation, and he doesn't seem to be fond of China like his previous predecessors. He is like Bolsonaro of Argentina, maybe even worse than him. I wonder what will happen with the swap agreement.