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EEU and ASEAN – the Bridges Between East and West
To briefly overview: The Eurasian Economic Union (EEU) has an integrated single market of 183 million people and a gross domestic product (in US Dollar terms) of over 4 trillion (PPP). The Association of Southeast Asian Nations (ASEAN) has an integrated market of approximately 650 million people and a GDP (in US Dollar terms) of almost 3 trillion.
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Russia, India to bypass the dollar in defence deals
Presently, some $2 billion worth of arms deals are presently hitting a snag over how settlement is to be made for defence transactions between Russia and India as US sanctions stand in the way. The issue has led to the US Dollar being dropped as a means of payment, with the Ruble and Rupee being considered as alternatives.
The Economic Times reports:
Russia to Europe: Let’s trade in Euros instead of the Dollar
Russian Finance Minister and First Deputy Prime Minister, Anton Siluanov, has proposed using the European common currency in order to settle transactions between Russia and EU members, while speaking at the St Petersburg International Economic Forum (SPIEF).
As an example of the successful function of using national currencies in foreign trade, Siluanov pointed out that Russia is already doing this with it trading partners.
RT reports:
US Petrodollar Threatened by Chinese-Saudi Oil Deals
(ANTIMEDIA) — Saudi Arabia’s king, Salman bin Abdulaziz Al Saud, recently met with Russian President Vladimir Putin in what amounts to more than just a symbolic blow to the United States. While the two discussed a number of issues, including Syria and Iran, according to CNN it was oil that dominated most of the discourse.