It is, but the linked article is worth reading in its entirety. Relevant excerpt:
Our leverage in enforcing compliance originates in part through our control of the global, US dollar-denominated economy. For those sanctioned countries, the cost of doing business rises dramatically. International settlements for trade become impossible or very difficult. Imagine having to pay for everything in cash – and imagine doing it in a currency no one else will accept.
That was the experience of Russia when the country was sanctioned after it invaded Ukraine. The Russians reacted by working with China and a handful of other countries to accelerate efforts to replace Swift and the US dollar as the reference currency for much of what they do, effectively nullifying a lot of those sanctions. Their systems, SPFS and CIPS, exist outside the world of the dollar. They can exchange goods and commodities seamlessly in ruble-yuan transactions. Brazil, India and South Africa are said to be working to integrate with the Chinese system.
It’s too late to undo. The Hormuz tollbooth currency is only a small part of it, but I’m really curious as to whether France paid in yuan. If so it would be would be very telling.