nice point, MikeZ
However Russia is not such a big deal comparing the big currency reserves holders (approximate figures in bil.$):
550 Japan
350 Eurosystem
320 China
180 Taiwan
130 South Korea
110 Hong Kong
I guess Japan and China already have 30% of foreign currency asssets in Euro.
On the other side, ECB do not have any Euro at all.
I wait when the oil will be priced in Euro
globally