Tag: U.S. dollars

Saudi Arabia and U.S. Mum as 50-Year Petro-Dollar Agreement Expires

Michigan Star Staff
Joe Biden and MBS Petro Dollar

On Sunday, with no official statement from either side, Saudi Arabia apparently allowed a deal with the U.S. to expire that could have dire financial ramifications.

The Kingdom reportedly did not renew its 50-year petro-dollar agreement with the United States when it expired on June 9, meaning Saudi Arabia can now sell its oil in other currencies, including the Chinese renminbi (RMB), Euros, Yen, and Yuan, instead of exclusively in U.S. dollars. According to reports, the use of digital currencies like Bitcoin is also being considered.

Read More

To Avoid Sanctions, Countries Are Ditching the U.S. Dollar

Admin

Russia, China and other countries have escalated efforts to ditch transactions made with U.S. dollars in 2022, helping them bypass Western sanctions and keep their economies afloat.

Since Western countries levied heavy sanctions on Russia in punishment for its invasion of Ukraine, India has increased its imports of Russian coal and natural gas, paying in Chinese yuan, United Arab Emirates dirham, Hong Kong dollar, and euro, Reuters reported Wednesday. Turkey and Iran have also forged agreements with Russia to base bilateral commerce on the Russian ruble, an effort to divest from dependence on the “toxic” U.S. dollar while easing the effect of sanctions on the Russian economy.

Read More