Russia Ukraine war, page-126633

The USA..........always out with the stick first .........the warnings are becoming an embarrassment!!!!!!!!!!!!

Time to pull their heads in

US dollar comes under all-round attack

World’s largest countries with the biggest economies are moving away from payments in the US dollar and increasingly using local currencies for trade.

The world market has not responded too badly to these changes.

Yuan has risen on the news of Saudi Arabia contemplating receiving oil payment in the currency.

Rouble, too, has recovered from the initial crash witnessed around the invasion.

With news breaking about Russia firming up oil and gas supply deals in rouble, the currency rose from the low of 140 against one US dollar to 80 now.

The US anguish over Russia not only slipping out of its fingers, but also succeeding in setting up an alternative payment mechanism at the cost of the dollar was apparent from the statement by US deputy NSA Daleep Singh.

Singh, who was in India late last month, warned of “consequences for countries that actively attempt to circumvent or backfill the sanctions”.

He appealed against creating mechanisms that prop up the rouble and attempt to undermine the dollar-based financial system.

Now that they have a taste of trading without involving the dollar, how far other nations will heed to Singh’s warnings cannot be predicted.