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U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies https://t.co/1XZwAf9kp7
— Reuters (@Reuters) March 8, 2023
No one could have predicted this.
(The joke is that the Daily Stormer predicted this.)
U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies.
The dollar’s pre-eminence has periodically been called into question and yet it has continued because of the overwhelming advantages of using the most widely-accepted currency for business.
India’s oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting.
The country is the world’s number three importer of oil and Russia became its leading supplier after Europe shunned Moscow’s supplies following its invasion of Ukraine begun in February last year.
After a coalition opposed to the war imposed an oil price cap on Russia on Dec. 5, Indian customers have paid for most Russian oil in non-dollar currencies, including the United Arab Emirates dirham and more recently the Russian rouble, multiple oil trading and banking sources said.
The transactions in the last three months total the equivalent of several hundred million dollars, the sources added, in a shift that has not previously been reported.
The Group of Seven economies, the European Union and Australia, agreed the price cap late last year to bar Western services and shipping from trading Russian oil unless sold at an enforced low price to deprive Moscow of funds for its war.
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An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil.
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India in the last year displaced Europe as Russia’s top customer for seaborne oil, snapping up cheap barrels and increasing imports of Russian crude 16-fold compared to before the war, according to the Paris-based International Energy Agency. Russian crude accounted for about a third of its total imports.
While India does not recognise the sanctions against Moscow, the majority of purchases of Russian oil in any currency have complied with them, trade sources said, and almost all sales have taken place at levels below the price cap.
Even so, most banks and financial institutions are cautious about clearing any payments to avoid unwittingly breaching any international law.
It’s such a joke that “international law” is “do whatever Uncle Sam says, or else.”
Why would any nation with any self-respect agree to be bullied by people who have anal sex with kids?
For Indian refiners that in recent weeks started settling some Russian oil purchases in roubles, according to the trade sources, payments have been processed in part by the State Bank of India via its nostro roubles account in Russia.
Those transactions are mostly for oil purchases from Russian state energy giants Gazprom and Rosneft, the sources added. Bank of Baroda and Axis Bank have handled most of the dirham payments, the sources added.
The banks, Gazprom and Rosneft did not respond to a Reuters request for comment.
India has prepared a framework for settling trade with Russia in Indian rupees should rouble transactions be cut off by further sanctions, the sources said.
The dollar system is the absolute backbone of US hegemony.
Andrew Anglin said, as soon as this lunacy started, that the US was going to totally displace itself as the global hegemon by betting the farm on a kook scheme.
We don’t even know who came up with these sanctions. It wasn’t Larry Summers or some other diabolical Jew. The media said it was all put together by some rando 40-year-old Indian guy. I don’t even remember the guy’s name, but he’s who the media was citing as the mastermind of these sanctions.
A country run by sane people would have double-checked this kind of bet, but the people running the US think they are gods and they think that no one can ever challenge them.
Now that they’re being challenged, we have a deer-in-headlights type situation, and it seems unlikely they’re going to be able to right the ship.
The thread of the sweater is already being pulled. There is no American empire without the US dollar as reserve currency.
