Alarming New Threat from Russia and India on the West

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.

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.