Petrodollar will no longer be used as currency in oil transactions. Russia has officially embraced yuan as currency in oil transactions.
Russia is now the top crude exporter to China, the largest (or second largest, depending on whom you ask) oil demand growth country in the world.
Why? Analysts attribute Russia’s huge market share growth to its willingness to accept yuan, while Saudi Arabia is still clinging to blood-soaked dollars.
As both the head of the Eurasian Economic Union (and founding member of BRICS), as well as a major energy exporter, Russia is leading the charge against the dollar.
And now other nations are following suit: Iran and India announced last month that they intend to settle all outstanding crude oil payments in rupees, as part of a joint strategy to dump the dollar and trade instead in national currencies.
The dollar is slowly losing its privileged place in international transactions. What this means for the United States is anyone’s guess.