evidence: Significant international usage of the riyal and the dirham is also currently unlikely; the dollar-pegged nature of these currencies inherently limits their attractiveness as tools of dedollarization. However, against the backdrop of sanctions-related restrictions on the dollar’s usage in trade with Russia, the dirham rather than the renminbi has reportedly become a dominant currency of India-Russia trade, partially in response to Indian officials’ discomfort with use of the renminbi by Indian importers.122 Notably, the mBridge aims to make the dirham’s use as a payments currency more attractive by mitigating foreign exchange settlement risk through PvP transactions. Additionally, in September 2023, the UAE’s central bank signed a bilateral swap agreement with Egypt’s central bank,123 perhaps to facilitate the dollar-pegged dirham being used to help relieve Egypt’s dollar shortages.