Thus far, the most severe consequence of Russia's military operation has been the exclusion of Russian banks from the global financial system. But the tide seems to be turning with petrodollar's status threatened as first shipment of Russian coal paid in Yuan is on its way to China.
The first shipments of Russian coal and crude oil will start arriving in China in April and May, respectively, and will be paid for in yuan. The occasion was taken by Chinese official media to criticize the United States, alleging that the dollar's international stature is "at risk." Financial expert Albert Song, on the other hand, thinks it will have no impact on the dollar's role as the world's main reserve currency.
Several Chinese enterprises acquired Russian coal in Chinese currency in March, according to Fenwei Energy Information Service Co., China's largest information and service supplier to the coal and coke industries. The first shipment is expected in April. It's also the first cargo o...
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