Ukraine War Accelerates De-Dollarization

Twitter isn’t paying much attention to this.

We’re being told the whole world has united behind American foreign policy. This doesn’t include countries like Mexico which have wisely chosen to stay neutral.

The seizure of Afghan and Russian assets, the weaponization of the dollar and the global financial system, the obsession with punishing evildoers first at home and now all over the world with sanctions and cancel culture gone nuclear is predictably imperiling the status of the petroshekel.

Global Times:

“India is reportedly planning to buy Russian oil at discounted prices and even considering the Chinese yuan as a reference currency in an India-Russia payment settlement mechanism, a move that Chinese analysts say represents the growing frustration among world economies over the US-led sanctions against Russia that have rattled global markets.

The reported plans come as India has been shrugging off pressure from the US to join in its sanctions against Russia, despite growing diplomatic ties between the two countries. This also underlines a trend of countries working to seek alternatives to US-dominated global financial mechanisms to fend off risks as they have been repeatedly weaponized, analysts noted. …”   

Can you blame Saudi Arabia and India for shifting toward the yuan?

After what we have seen happen with Russia, who will Twitter demand to be financially destroyed next?

WSJ:

“Saudi Arabia is in active talks with Beijing to price its some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia.

The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom, the people said.

The Saudis are angry over the U.S.’s lack of support for their intervention in the Yemen civil war, and over the Biden administration’s attempt to strike a deal with Iran over its nuclear program. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year.

China buys more than 25% of the oil that Saudi Arabia exports. If priced in yuan, those sales would boost the standing of China’s currency. …”

As we said the other day, show them a world of their own making and they will jump up and down and point and scream “look at what you have done.”

About Hunter Wallace 12320 Articles
Founder and Editor-in-Chief of Occidental Dissent

4 Comments

  1. Perhaps this isn’t the immediate death of the petrodollar, but I think this is roughly the equivalent of P-51s showing up over Berlin: the clock is ticking.

    What am I missing? This seems catastrophic, right?

    Obviously the US military is in no place for force all these countries to play ball, like before.

  2. This is bad.

    War is a racket. The us government has printed trillions of dollars in the last 2 years. Some say upto 80% of the currency in circulation. Those trillions haven’t trickled down to ordinary folks, they’ve been pumped to make billionaires and corporations richer and into the real estate ponzi scheme real estate markets of New York and London. A reckoning for these gamblers was due so instead of facing the music and paying for their crimes they decide to take the whole world down with them.

    Covid first now this fake wag the dog exercise.

  3. If the dollar collapses, with all the social unrest that will follow, it’s very likely that the Civil War 2.0 that alot of folks on here have been talking about will be back on the table.

  4. Most of the world has united with Russia. Western chauvinists truly believe that USA/Canada and the EU are “the whole world.”

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