Re: Petrodollar further analysis - Putin buying gold with “little fanfare, but on a large scale”

Zenaan Harkness zen at freedbms.net
Sat Feb 27 04:57:30 PST 2016


One nail at a time... here's the next one. Lest anyone ever wondered
why sanctions were -really- brought against Russia :)


http://russia-insider.com/en/another-nail-dollars-coffin-russia-and-india-plan-trade-national-currencies/ri13084

Another Nail in the Dollar's Coffin: Russia and India Plan to Trade in
National Currencies

Moscow and New Delhi plan to begin trading in their own currencies.
The announcement is the latest indicator that BRICS nations are moving
away from the dollar

Matthew Allen

BRICS is dumping the dollar

BRICS nations, led by Russia, are beginning to chip away at the dollar.

As we reported earlier this month, Russia and China are now settling
oil payments in yuan (
http://russia-insider.com/en/politics/saudi-arabia-has-lost-asia-russia-now-chinas-biggest-oil-partner/ri12611
), a move that western analysts say is responsible for Russia
overtaking the Saudis as China's leading oil exporter. Iran (not a
BRICS member, but considered a key partner, as well as a potential
member) has also sent clear signals that it wants to abandon the
dollar: Tehran is now demanding euros (
http://russia-insider.com/en/politics/iran-dumps-petrodollar-wants-euros-all-oil-sales/ri12679
) for all oil sales.

While these developments have so far centered around oil, Moscow is
looking to conduct all trade in national currencies. Moscow and New
Delhi are already drawing up the plans (
https://www.rt.com/business/333486-russia-india-currencies-exchange/
):

    India and Russia are developing a road map for mutual settlements
in national currencies which could open prospects for both countries,
India’s Ambassador to Russia Pankaj Saran told RIA Novosti on
Wednesday.

    "Transition to mutual settlements in national currencies of the
BRICS looks promising. Russian and Indian companies are interested in
using national currencies in trade settlements,” he said, adding that
there is already a mechanism in place for them to use.

    According to the ambassador, New Delhi and Moscow aim expanding
economic and trade cooperation. They have already chosen priority
sectors such as agriculture, pharmaceuticals, jewelry, technical
equipment and machinery, oil and gas, and textiles.

The decision is expected to drastically boost trade between the two
countries. Russia and India are hoping to triple trade to $30 billion
over the next ten years. The two nations have also signed a number of
landmark defense and energy deals. New Delhi has already approved the
purchase of five S-400 air defense systems.

BRICS is dumping the dollar -- and Russia is leading the charge.




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