India's Russia Oil deal derails Dollar's dominance

  1. Ken Burgess profile image73
    Ken Burgessposted 2 years ago

    The US dollar for decades been the world reserve currency in international oil trade. However, according to Reuters, the ongoing shift into other currencies is beginning to change that.

    Daniel Ahn, a former chief economist at the US State Department, told the agency that the sanctions against Russia could undermine the West's financial systems, while also failing to achieve their aim.

    In just the last three months, oil-trade transactions between India and Russia totaled the equivalent of nearly a billion dollars, the agency’s sources said, adding that New Delhi has also prepared a framework for settling trade in Indian rupees, should ruble transactions be blocked by further sanctions.

    Meanwhile, China and Saudi Arabia now plan on conducting oil-trade in currency other than the Dollar.

    https://www.reuters.com/markets/currenc … 023-03-08/

    https://www.reuters.com/world/saudi-ara … 022-12-09/

    replyreport
    1. Sharlee01 profile image83
      Sharlee01posted 2 years agoin reply to this

      Ken, I am shocked no one is commenting on this thread. It certainly is a very important issue. However, it is a "look over here, not there media ploy.

      Western sanctions on Russia have begun to hit the dollar's years-old dominance of international oil trade. This as Russia's oil deals with India are being settled in other currencies. Analysts say, India's oil trade, despite western sanctions on Russia, provides the strongest evidence so far of a shift into other currencies. Oil trade between India and Russia has grown after Europe shunned Moscow.

      Oh well, Joe got our backs... The dollar is on shacky grown, IMO.

      replyreport
    2. CHRIS57 profile image60
      CHRIS57posted 2 years agoin reply to this

      Ken, of course for a European this Dollar dominance issue is of no importance.

      And then, i can´t see much evidence that the Russia-India deal has much impact on global trading and payment behaviour. World markets are reshuffling as Russian supply of fossile fuels is decreasing. I suggest to look at this vlog (may be not totally on the topic, but with much more detail than a three liner from Reuters). https://www.youtube.com/watch?v=hjSmMaHffAY

      Russia was always one of the major drivers for Dollar independency in the fossile fuel market. Now - as Russias influence is dwindling - it seems to be more to the opposite: Dollar is gaining influence. Just a thought...

      replyreport
 
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