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Here is a simpler summary of what just happened: 

This was the first “official” shot across the bow of the USD status as a global reserve currency, and it was not by America’s adversaries but by its closest allies.

https://www.zerohedge.com/news/2019-06-28/trump-unleash-hell-europe-after-eu-says-spv-circumvent-swift-and-iran-sanctions-now