Russia moves to end the dollar’s global dominance

Minister of Economic Development Alexei Ulyukaev tells Russian energy companies to ditch the dollar (photo: dpa)
Minister of Economic Development Alexei Ulyukaev tells Russian energy companies to ditch the dollar (photo: dpa)

Russia’s attack on the US dollar could, in theory, trigger a stock market collapse in the United States. Russia is in the process of abandoning the ‘petro-dollar’ as its trading unit for oil and gas. Russian energy companies have been told to ditch the dollar and sign contracts in rubles and the currencies of partner-countries. If Russia were successful in getting China, India, and others to drop the dollar from their international trade – in an anti-dollar alliance - the ramifications would be very serious.

<i>The threat of economic sanctions has caused the Kremlin to scramble for ‘de-dollarisation’. The desire to reduce the use of dollars is in line with China’s aim to promot...

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