"“One of the most significant but under-reported outcomes of April’s three-day summit between Russia’s Vladimir Putin and China’s Xi Jinping was that Putin saidRussia is now in favour of using the Chinese yuan for oil settlements," said Green. This suggests that the world’s second-largest economy and the world’s largest energy exporter are actively intending to reduce the dominance of the US dollar as the bedrock of the international financial system.

“Separately, two deals... would see Saudi Arabia’s Aramco supplying two Chinese companies with a combined 690,000 barrels a day of crude oil, bolstering its rank as China's top provider of the commodity," added Green."It has been reported that Saudi Arabia is also in talks with Beijing to settle with the yuan instead of the dollar."


"This could have a number of ripple effects throughout the global economy,including hugely increased inflation in the US and potentially destabilising effects on financial markets,"said Green.

Oil is a critical input for many industries, and changes in the price of it can have enormous, far-reaching implications for the global economy. If oil were no longer traded in US dollars, it would impact the global financial system and would have ripple effects throughout the world economy."
https://finance.yahoo.com/news/shift...052445179.html
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Blindly supplying Ukraine and Israel with weapons looks like it's going to have devastating consequences, as Russia, China and Saudi Arabia retaliate against the US for its military industrial complex. Biden's pissing off Saudi Arabia since he was a candidate and during his Presidency hasn't done us any favors either. Probably the only way this doesn't happen is because China's in the midst of a housing debacle and they're in a serious recession (which of course they're pretending isn't happening), making the yuan a likely unstable currency bet.

Related video:
Biden proposing we fight SA's wars now. Not even to keep the petrodollar, but for Israel. We're fuking doomed -- and this is not a, "Biden and the Democrats!" rant, because the GOP is no different. Trump, for his part, bows to Israel all the same.

They have been saying this for at least the last 20-30 years and its never happened.

its all part of the Biden Boom plan, Jack

You sure about that timeline? Certainly not new for the Russians or Chinese, but this is the first I've heard of the Saudis talking about de dollarization. Like I said in the OP I doubt it will happen soon since China is in a really bad economic spot, so the petrodollar is likely safe for now. This is likely just cage rattling but it's something to keep in mind as a future prospect that would fuk the US up.

Turkey believed its owner loved him much...until Thanksgiving.

Saudi Arabia just begging for some freedom and democracy to be delivered to their door step.

Who was Gaddafi for $500

I don't think the petrodollar is as important as people make it out to be. However, it should be taken seriously and to say there won't be serious consequences is laughable.

Using the petrodollar as leverage in the Ukraine/Russia war turned out to be a gigantic waste. Other countries took note how quick the US was to weaponize the currency and rationally decided that having an alternative was in their best interest. Ultimately, it expedited the formation of BRICS and we are now weaker in terms of negotiating a peace agreement. We basically cashed in one of our biggest bargaining chips for next to no gain and weakened our currency on the global stage.

I'm not trying to make this a Russia/Ukraine thing, but I want to emphasize that the fallout from weaponizing the petrodollar in this conflict is going to fuk the US for decades to come. This was warned about years ago and instead the lemmings cheered it on at the time.