Since the U.S. killed Iranian General Qassem Soleimani and Iraqi militia leader Abu Mahdi al-Muhandis earlier this month, the official narrative has held that their deaths were necessary to prevent a vague, yet allegedly imminent, threat of violence towards Americans, though President Trump has since claimed whether or not Soleimani or his Iraqi allies posed an imminent threat “doesn’t really matter.”
Yesterday, Putin observed the necessity of increasing Russia’s economic sovereignty and independence from the petrodollar system, stressing that the West is boosting this process through its economic bullying in the form of sanctions. TASS reports:
(ZHE) Just days after Beijing officially launched Yuan-denominated crude oil futures (with a bang, as shown in the chart below, surpassing Brent trading volume) which are expected to quickly become the third global price benchmark along Brent and WTI, China took the next major step in the challenging the Dollar’s supremacy as global reserve currency (and internationalizing the […]
BEIJING — Wall Street is bracing for a potential shake-up as China is set to launch its first-ever crude oil futures contract late March at the Shanghai Futures Exchange.
The move, which had been laid out in 2012 but faced delays over possible market turbulence, could represent a bold step forward in China’s rise as an economic superpower and global hegemon. The contracts will be priced in China’s currency, the renminbi or yuan, marking the birth of what many are calling the “petroyuan.”
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Months after Russia became the first country to announce the creation of a state-backed Cryptorouble, Venezuela has followed suit, announcing the creation of El Petro, a state-sanctioned cryptocurrency to be backed by Venezuela’s extensive reserves of crude oil.
Venezuela has already broken free of Dollar dependence months ago when Caracas announced it would be trading its oil using China’s Petroyuan. Venezuelan President Nicolas Maduro also stated that he would like to begin trade with Russia in the Rouble.
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