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The Anti-Iran Alliance Is Cracking

Rosneft’s Sanctions Hedge Play

One of the key underpinnings of US global economic power is the use of the US dollar for global trade transactions, but sanctions make that a far less attractive setup for other powers. It is no coincidence then that we are starting to see a de-dollarization drive from a variety of players. After much talk about Russia switching to the Euro, Russian oil giant Rosneft is taking the first concrete step toward this reality: Traders have told Reuters that Rosneft has informed them that future tender contracts for oil products will be in euros, not dollars - as soon as Q4 of this year. It’s a hedge against future US sanctions, and a hedge against, well, hegemony. For now, consider this more significant in terms of a hedge against sanctions rather than the dollar’s hegemony. In reality, the dollar will be very difficult to dethrone.

The Gulf Anti-Iran Alliance Is Cracking

The back channels between the UAE and Saudi Arabia are many and deep, and while the Saudis might not have blinked at first when UAE-backed separatists seized Yemen’s southern port of Aden from the internationally recognized Hadi government, this was not done without some sort of back-channel discussion. The UAE wants out of the Yemen conflict, which is costing it, on a monthly basis, billions of dollars. The biggest question for investors right now is whether these Gulf relations are even sustainable, or whether we’re about to see a…




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