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This is an excerpt from an Al Mayadeen article that was published beginning of Dec, 2021.
It shows that two other countries have decided to trade in their own currencies instead of the dollar, which has been a trend we’ve been watching for a long time:
“Russia and India have agreed to ditch the dollar as a means of mutual settlements, as Washington continues to impose sanctions on Moscow. Alexander Mikheev, Director General of Russia’s state arms exporter, Rosoboronexport, announced, on Tuesday, that Russia and India have abandoned the use of the US dollar in mutual settlements, with all payments made in rubles and rupees”
“I warmly thank H.E. President Putin for his visit to India. We exchanged very useful ideas for expanding our strategic, trade & investment, energy, connectivity, defence, science & technology and cultural cooperation. We also shared views on important global and regional issues”.
Using their own currencies instead of the dollar is a trend we’ve been watching for a long time. This is a big change from how things have been in the past. Petrodollars are used to settle oil trades because the US dollar is the most common way to account for international trade. People in other countries don’t like how the US government is trying to keep an eye on the world and how quickly dollars are being made, so they’re working to make trades that don’t use the US dollar in order to keep themselves politically and financially safe.
The decision by Russia and India to undertake armaments transactions in rubles and rupees as settlement currency is yet another step away from dollar hegemony on the global scene. In terms of the amount of economic activity settled outside of the USD reserve system, this may not be a major concern. However, it sends a clear message to the rest of the globe that the dollar is no longer as stable as it has been for the past five decades. We shouldn’t be surprised if countries are starting to reject the dollar.
Are Russia and India maybe going towards the adoption of a Bitcoin Standard?
