The U.S. dollar is used by nations for international transactions because it is a stable currency that is easily convertible all over the globe and because resources like oil are priced in dollars. However, will the US dollar be replaced with BRICS currencies in the near future?
The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergey Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.
The US Maritime Administration of the Department of Transportation has approved Enterprise's Sea Port Oil Terminal's proposal to build a huge Gulf oil terminal.
On September 12, Russian President Vladimir Putin stated that, given mounting economic sanctions, full “de-dollarization” of the Russian economy is only a matter of time (RBC, September 12). Putins remark was preceded by a statement from Russian Deputy Finance Minister Alexey Moiseev, who argued that “Russia no longer needs the US dollar as a reserve currency.”
Russian President Vladimir Putin issued a decree establishing a new payment system for Russian gas by non-friendly countries beginning April 1. Here's Russia’s gas-for-rubles payment schedule explained.
A notification from the RBI has announced that India now allows international trade settlement in Rupee with Russia, Sri Lanka, and other nations.
The massive explosion that rocked Lebanon completely obliterated the Port of Beirut. Although, officials did not say what caused the initial blaze that set off the blast, the Port of Beirut has been caught in a covert war brewing...
On the Russian exchange, the US dollar was trading higher than the euro. This renders the dollar stronger than the euro for first time in 20 years.
Europe would be on "red alert" for gas supply over the upcoming winter and it is the consequence of their actions. This comes amid reports of EU importing more U.S. LNG than Russian pipeline gas for the first time ever.
In a recent interview with the Associated Press, Treasury Deputy Secretary Wally Adeyemo acknowledged that India will continue rejecting US and EU calls to boycott Russian oil due to the allure of cheap oil.
