Dedollarization Russia wants to topple US dominance, few alternatives Business Insider
News Source : Business Insider
- This means that dollar trade with Russia is restricted — and this is important since the greenback is the international trade currency of choice.To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year..
- The problem for Russia is that there's not much it wants to buy from India.To get around its rupee conundrum and reduce its currency risks, Russian officials and oil executives have instead been pushing Indian buyers to pay them in Chinese yuan..
- India encourages the rupees to be spent in India itself..
Moscow has been on a drive to replace the use of the US dollar in international trade, but there are barrels of Russian oil stuck at sea due to issues with paying in alternative currencies.Shipment [+2842 chars]