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RittaFarr posted an update 5 years, 11 months ago
@tomkirkman – perhaps faster than initially thought…
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https://oilprice.com/Energy/Energy-General/Russia-Wants-To-Drop-Dollar-For-Oil-Payments.htmlRussia Wants To Drop Dollar For Oil Payments | OilPrice.comRussian Energy Minister Novak said that Russia is considering replacing the U.S. dollar in crude oil payments with Turkey and Iran
Maybe, maybe not. Still waiting for the U.S. response to the Petro-Yuan. More economic sanctions? … That might backfire.
China, Russia, Iran, Venezuela, and a few other countries are pretty determined to break free of the Petro-Dollar monopoly. But it will likely take a few years for global markets to accept the upstart Petro-Yuan challenger.
And the Chinese government tends to prefer slow, deliberate, incremental steps toward its long-term goals, rather than just flipping over the game table in a fit of frustration.
The Petro-Yuan will likely remain a long game.