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25 Oct 2019 Russia looks to ditch US dollar for exchanges in rubles & euro in the oil from the Latin American country to buyers in China and India and 30 Sep 2019 They're working against the U.S. dollar. China will invest $280 billion into Iran's oil economy; an extra $120 billion will go Russia, the world's second-largest oil exporter, also began accepting yuan as payment for oil. 1 Dec 2019 Russia's most significant energy project since the collapse of the Soviet Union, China's yuan has become a larger part of Russia's foreign-currency Qijun, president of PetroChina, China's top oil and gas producer, said in 4 days ago Russia already sells petroproducts to the European Union using the euro, and to China using RMB rather than the dollar. Indeed, Rosneft has set
15 Sep 2017 Shortly before the end of the Second World War, the US Government, advised by the major international banks of Wall Street, drafted what many
China Deepens Oil Ties With Russia in $9 Billion Rosneft Deal More stories by Elena Mazneva September 8, 2017, 8:09 AM EDT Shipping cranes stand on the harbor at the port beside the frozen River Ob in Nizhnevartovsk, Russia, on March 19, 2017. China will "compel" Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the U.S. dollar as the world's reserve currency, a leading economist told CNBC on Monday. China and Russia are coming into the final stage of replacing the US dollar as the world’s reserve currency. The first step is to trade with each other in their own currencies. This will greatly reduce the impact of the current US economic sanctions against Russia. In a symbolic blow to U.S. global financial hegemony, Russia and China took a small step toward undercutting the domination of the U.S. dollar as the international reserve currency on Tuesday when Russia’s second biggest financial institution, VTB, signed a deal with the Bank of China to bypass the dollar and pay each other in domestic currencies. 23 countries (60% of the world’s GDP) are setting up swap lines which bypass the dollar and SWIFT, which is the dollar-based worldwide financial transaction system. These countries include Russia, China, India, and even Germany, France, and the United Kingdom. Trade is the major reason for the demand of foreign currencies in the first place. So as countries like China and Russia phase out the usage of U.S. dollars for international trade -- including but not limited to oil trade -- its status as the world's reserve currency will continue to slide.
9 Mar 2020 MOSCOW, March 9 (Xinhua) -- Russia's ruble depreciated against the U.S. dollar to about 73 rubles per dollar on the international market on
1 Dec 2019 Russia's most significant energy project since the collapse of the Soviet Union, China's yuan has become a larger part of Russia's foreign-currency Qijun, president of PetroChina, China's top oil and gas producer, said in 4 days ago Russia already sells petroproducts to the European Union using the euro, and to China using RMB rather than the dollar. Indeed, Rosneft has set 24 Aug 2018 Both Iran and Russia are major oil exporters whose oil industries and exports have been targeted by U.S. sanctions. China has for years sought 9 Mar 2020 MOSCOW, March 9 (Xinhua) -- Russia's ruble depreciated against the U.S. dollar to about 73 rubles per dollar on the international market on 22 Nov 2018 China and Russia are drafting a pact to cut their reliance on the US dollar And US dollar-denominated payments have long been used by oil
In a symbolic blow to U.S. global financial hegemony, Russia and China took a small step toward undercutting the domination of the U.S. dollar as the international reserve currency on Tuesday when Russia’s second biggest financial institution, VTB, signed a deal with the Bank of China to bypass the dollar and pay each other in domestic currencies.
25 Sep 2018 Russia remains the largest supplier of natural gas and oil to the EU accounting The possibility of switching from the US dollar to the euro in 28 Mar 2018 China is the world's biggest crude consumer and buys most of its oil from Russia. However, most settlements are still in US dollars. The launch
7 Jan 2019 SHANGHAI/TOKYO -- The exclusivity of the U.S. dollar as a vehicle for global crude oil trading is increasingly being challenged by other
SAINT-PETERSBURG - Russian oil giant Rosneft and Chinese state firm is absolutely unprecedented — 270 billion dollars," Putin told participants of the 11 Mar 2020 Oil is falling but Russia remains in the black, not allowing its Russian ruble fell by more than 9 percent, settling at 74.8 per U.S. dollar on March 9. CHINA -- Russian President Vladimir Putin (L) speaks with Rosneft CEO
The reason is simple: trading nations all over the world have to accumulate dollars to use in trading with each other. When China buys oil from Iran, for example, it pays in U.S. dollars. So, more U.S. dollars flow out of the US than flow in, and bingo, you have a big current account deficit. On China is taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar, three people with knowledge of the matter told Reuters, a key development in Beijing's efforts to establish its currency internationally. Shifting just part of global oil trade into the yuan is potentially huge. Russia, China and Iran are currently pursuing currency swap agreements to eliminate the US dollar from trade. China has also announced the launch of the petro-yuan to replace the greenback in oil Could China, Russia ditch the US dollar with new payments system to avoid sanctions? Cross-border pact in development for direct trade payments in the yuan and the rouble Impetus for move is China Deepens Oil Ties With Russia in $9 Billion Rosneft Deal More stories by Elena Mazneva September 8, 2017, 8:09 AM EDT Shipping cranes stand on the harbor at the port beside the frozen River Ob in Nizhnevartovsk, Russia, on March 19, 2017. China will "compel" Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the U.S. dollar as the world's reserve currency, a leading economist told CNBC on Monday. China and Russia are coming into the final stage of replacing the US dollar as the world’s reserve currency. The first step is to trade with each other in their own currencies. This will greatly reduce the impact of the current US economic sanctions against Russia.