The bigger picture here is the sanctions on Russia since 2014 is clearly working, their GDP is constantly lagging behind other developed nations, and losing a lot of geopolitical influence.

Putin isn't incorrect in that financial system is being weaponized. But why wouldn't it be? The trade and reserve system is also a way for encouraging nations to be more interdependent.

Basic commodities being self reliance is important but it isn't like the US/EU don't have substitutes or becoming more self dependent for energy. That also means allies have to become more selective on the trade partners and what is being traded, even within themselves.

BUT there are high valued commodities that do not really have substitutes and rely on a global supply/knowhow in order to be manufactured. High end semi con for example requires a lot of tech, resources, minerals from different nations like Japan, Dutch, Taiwan etc

And strategic resources already function as a reserve, this is nothing new. There is no way we would switch to a heavy commodity reserve, they depreciate and expires, almost usable to transfer for settlement (which counter his point about self custody).

Would it be bitcoin? Maybe, but we could be quite a long way away from being there, given how its price is easily manipulated through credit market AND a coordinated attack would make a nation just as vulnerable.