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Tick-Tock m-fer’s! India's Largest Cement Maker "Circumventing The Dollar" In Russian-Coal-For-Yuan Deal

 
Anonymous Coward
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06/29/2022 07:27 PM
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Tick-Tock m-fer’s! India's Largest Cement Maker "Circumventing The Dollar" In Russian-Coal-For-Yuan Deal
A cold and lonely sad day approaches!

India's Largest Cement Maker "Circumventing The Dollar" In Russian-Coal-For-Yuan Deal

UltraTech Cement - India's biggest cement producer - is importing a cargo of Russian coal and paying for it using Chinese Yuan.

“ This is basically circumventing the USD (U.S. dollar)," a Singapore-based currency trader said.

recent financial sanctions imposed on Russia for its invasion of Ukraine are threatening to weaken the dominance of the U.S. Dollar as the world currency,

Russia had been planning for years to reduce its dependence on the petrodollar since the United States imposed sanctions in retaliation for its annexation of Crimea in 2014.

Empires fall and rise. Currencies fall and rise. Wars have winners and losers.

US policymakers would be wise to consider future dollar weaponization carefully.


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