Watch what Saudi Arabia does if they start trading oil for other Currency, and not the dollar.
Russia completely broke away from the dollar, China is not fall behind. India will follow China. You have to watch Saudi Arabia, that's the key to making the dollar unstable.
We are done if the dollar loses stability.
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Why are Russia and China ditching the U.S. dollar?
BUSINESS
SEPT 04 2020
ALEXEY LOSSAN
Irina Baranova
Follow Russia Beyond on Rumble
The Russian government has been very consistent in implementing its new strategy of moving away from the U.S. dollar. We look at the decision and discuss the pros and cons of such an undertaking.
When did Russia begin to abandon the greenback?
The share of trade operations between Russia and China using the U.S. dollar fell to 46 percent in the first quarter of 2020, while holding at 90 only five years ago. The de-dollarization initiative in Russia began in 2014, during sanctions amid a diplomatic breakdown over Crimea.
One of the measures adopted by the United States was to repeatedly ban Russia’s use of the dollar. Given that the American currency is the most used in international trade - with even payments in local currencies often converted to their U.S. equivalent, being a slave to the dollar would precipitate a breakdown in nearly all Russian trade.
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Other countries have also joined in the initiative, among them notably China, Turkey, Iran, India and Brazil.
“In spite of [the move to dedollarization], the supremacy of the U.S. dollar in the majority of transactions globally is obvious, which is to say that the dedollarization process might take some time,” says, Ekaterina Novikova, associate professor of economic theory at Plekhanov University.
What are the economic reasons behind the move?
Russia doesn’t trade much with the U.S., for the most part selling its goods to China and the European Union. Read more https://www.rbth.com/business/332673-russia-china-us-dollar-america
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