• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 32 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 50 mins Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 9 hours Changing Gazprom ADRs to Russian shares
  • 20 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days "How China Could Send LNG Prices Into The Stratosphere" by Irina Slav
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 6 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 days How Far Have We Really Gotten With Alternative Energy
Oil Could Fall to $90 If Inflation Persists

Oil Could Fall to $90 If Inflation Persists

Crude oil prices could fall…

How Will Gazprom Fare Without Its Biggest Cash Cow?

How Will Gazprom Fare Without Its Biggest Cash Cow?

Europe, long considered Gazprom’s “bread…

Putin: Russia Looks To Get Free Of U.S. Dollar ‘Burden’ In Oil Trade

Russia is mulling over ways to ‘get free’ of the U.S. dollar burden in oil trade as part of a plan to boost its national economic sovereignty, Russian President Vladimir Putin said.

“Oil is traded in dollars on the exchange,” TASS news agency quoted Putin as saying. “Certainly, we are thinking about what we need to do in order to get free of this burden. Furthermore, our partners are helping us by introducing all these unlawful restrictions and violating principles of the global trade, because the whole world sees the dollar monopoly is unreliable; it is dangerous for many, not only for us,” said Putin.

“This is not merely a separation from the dollar; this refers to the need of strengthening our economic sovereignty,” the Russian president noted.

Russia is currently diversifying its gold and foreign currency reserves and will continue to do so in the future, according to Putin.

Data by Russia’s central bank showed last week that Moscow held 45.8 percent of its reserves in U.S. dollars as of Jan. 1, 2018.

Untangling Russia’s economy from the U.S. dollar dependence is one of Putin’s goals, local outlet Sputnik reports.

“We used to behave naïvely, but now we see that the WTO [the World Trade organization] rules are all too often broken, the restrictions are imposed for political reasons, which they call sanctions. Plus more and more of them are imposed to secure its favorite competitive advantages,” Putin said, without specifying an alternative currency for the U.S. dollar in his speech at the Russian Parliament.

Related: Who Was Buying Iranian Oil And What Happens Next?

Last month, Russia’s Energy Minister Alexander Novak was quoted as saying that Russia was considering replacing the U.S. dollar in crude oil payments on deals with Turkey and Iran.

According to Novak, “There is a common understanding that we need to move towards the use of national currencies in our settlements. There is a need for this, as well as the wish of the parties. This concerns both Turkey and Iran – we are considering an option of payment in national currencies with them. This requires certain adjustments in the financial, economic and banking sectors.”

Iran, under threat of returning U.S. sanctions, a few months ago decided to ditch the greenback as a currency in its imports.

By Tsvetana Paraskova for Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News