Geopolitics

U.S Dollar Wars – Rosneft Oil Asks Traders to Pay in Euros for Crude

Russia’s oil giant Rosneft tendered a sell of a cargo of crude, asking would-be buyers to pay in euros for the consignment, just weeks after doing the same for refined fuels. – https://www.bloomberg.com

Russian President: We see attempts of using the dollar as the political error. I believe this is one more major mistake, because the dollar enjoyed a lot of confidence globally. This was actually the only universal global currency. The United States started using dollar settlements as a tool in the political struggle for some purpose, imposing restrictions on dollar use and cutting the branch they are sitting on but they will fall with a crash soon,” Putin said.

Crude oil is quoted in U.S. dollars (USD). So, each uptick and downtick in the dollar or in the price of the commodity generates an immediate realignment between the greenback and numerous forex crosses.

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