What about just... not settling. Like instead, just keep track of which sides owes the other how many dollars, and ensure it doesn't get crazy imbalanced. Or very similarly transact in dollar denominated Chinese/Russian issued bonds.
Kind of like bartering. India and Iran did something like that, when Iran was sanctioned. Both India and Iran kept track of their foreign trades and issued payment locally. India is also going to do something like that with Russia, if sanctions increase.
