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The Chinese government issued its first petroyuan-denominated long-term oil trading contracts in the spring of 2018, with the move posing an audacious challenge to the petrodollar - the powerful instrument of global trade and finance ensuring the US dollar's status as the de facto world reserve currency for over 50 years now.
Saudi minister of industry and mineral resources Bandar Al-Khorayef told the South China Morning Post this week that Riyadh is ready to “do what’s in its best interest” and “try new things,” including as far as the use of the petroyuan in settlements for crude oil are concerned.
The comments, made on the eve of Chinese Premier Li Qiang’s trip to Saudi Arabia and the UAE starting Wednesday to discuss expanded cooperation with the oil rich Gulf kingdoms, signal a "new dawn" in relations between China and Gulf powers, Dr. Wang Zhimin, director of the Institute of Globalization at China’s University of International Business and Economics, told Sputnik.
“In ...
MOSCOW (Sputnik) - Western officials in Africa have admitted that even minor US military presence in Africa is unacceptable for many countries on the continent, the Wall Street Journal reported on Wednesday.
"Even a small American footprint is large for many African countries," a Western official in the Sahel.
US Major General Kenneth Ekman said that Nigeria would like to acquire US military gear, but showed no inclination to welcome an enduring deployment of American troops, while a Ghanaian government official said the Western African nation did not intend to increase US presence in its territory.
The United States suspended its military cooperation with Chad and Niger and withdrew over 1,100 troops from the two countries at the request of local governments this year. Veteran Defense Department analyst Lt. Col. Karen Kwiatkowski said the move marked the end of a neocolonial approach toward Africa.
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Countries cannot rely on the currency of a nation with multi-trillion-dollar debt, Sergey Shoigu has said
Washington’s abuse of the dollar is a major selling point for BRICS, which is fostering the transition to a multipolar world order, Russian Security Council Secretary Sergey Shoigu has said.
America’s control over the global reserve currency and the financial system based on the dollar has increasingly been unnerving other nations, as the US government has leveraged it to damage other countries with sanctions and asset seizures, he claimed.
”It is [now] obvious for everyone that whatever savings they have may end up in someone else’s pocket rather than their own,” Shoigu said in an interview published by Russian media on Tuesday.
Governments therefore “realize that they need to go away from the US-dependent financial system. There is a need for a structure that would not be so monopolized and dependent on US domestic laws,” he added. The current system “cannot stand.”...
