The IMF for once seems to have got it right when it said the war in Ukraine “could fundamentally alter the global economic and geopolitical order, if energy trade shifts, supply chains reconfigure, payment networks fragment, and countries rethink their currency reserves,” writes crypto blogger Sylvain Saurel.
Even if more than 80% of oil sales contracts are still denominated in dollars, more and more emerging countries are no longer hesitating to do deals in other currencies, as shown by India’s purchase of Russian crude via a rouble/rupee transaction.
Read the full story: Sylvain Saurel.
ALSO on AF:
Saudi Arabia Mulls Accepting Yuan for China Oil Sales – WSJ
India May Buy Discounted Russian Oil, Officials Say
Saudi Aramco to Build ‘Major’ Refinery Complex in China
