Sunday, February 25, 2024
-3.9 C
New Jersey

Alarming New Threat from Russia and India on the West

Must read

Editorial Teamhttps://www.xtrempoint.com
Where News Meets Insights, We Keep you Ahead!
Moscow, March 8 – News Agency reports that the oil trade between India and Russia is beginning to erode the dollar’s long-standing dominance.
Since Western countries imposed a cap on oil prices from Russia on Dec. 5, Indian buyers have been paying for most Russian oil using rubles or Emirati dirhams instead of dollars.
Flags of Russia and India

Russia and India agree to deal with the trade deficit

As the authors note, after the start of a special military operation in Ukraine and the rejection of Russian oil by Europe, Moscow became the main supplier of black gold for India.
An Indian source said that while most Russian banks have been sanctioned since the conflict began, Indian customers and Russian suppliers intend to continue trading in Russian oil.
A month after the conflict erupted in Ukraine, Gita Gopinath, chief economist at the International Monetary Fund, said sanctions against Russia could undermine the dollar’s dominance as international trade blocs shift to other currencies.
Eye of Providence on a US dollar bill - 1920, 04/03/2023

The expert spoke about an unclear replacement of the dollar in the global economy

More articles

Leave a Reply

Latest article