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 energy cooperation between China and the Middle East, settlements using the yuan have become an important topic. The expansion of the use of the currency in settlements for energy transactions is a gradual and long-term process that requires step-by-step reforms, opening up, and natural market selection. In addition, given the relationship with the United States, the process of using the yuan to settle cross-border oil transactions by countries such as Saudi Arabia may encounter certain difficulties,” Wang said, pointing to US efforts to shore up the petrodollar as Washington’s global economic hegemony fades.
Pointing to the trend of “dedollarization” in China-Middle East trade, Wang cited the currency swap agreement reached between Beijing and Riyadh last year, and interest in using the yuan for oil payments as a reflection of a “growing trend of diversification of the international monetary system, including the decline of the dollar’s share in international payments.”
Russian economist Nikita Maslennikov says the petroyuan has good prospects as a major alternative to the petrodollar, which could leave it accounting for up to 8% of global transactions by 2030, notwithstanding “strong pressure, including political pressure, from other market players," and other factors.
“Sooner or later a single BRICS settlement system will emerge, and Saudi Arabia is also going to be part of it,” Maslennikov said, noting that it’s “extremely difficult” to predict the future status of the petroyuan amid plans by some countries to forge ahead with an “energy transition,” and take other steps, like launching digital currencies, which could lead “to a significant adjustment of settlements in national currencies.”......more below
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According to Vyacheslav Volodin, it is crucial for the parliaments of the United States and European countries to "understand and realize what can happen"
MOSCOW, September 17. /TASS/. In case of deep strikes against its cities Russia will respond with more powerful weapons, which are being kept ready, State Duma Speaker Vyacheslav Volodin said.
"Today, the US does not hesitate to discuss the possibility of strikes on the territory of Russia. What do such strikes imply? Satellite clusters belong to the United States and to NATO countries. Targeting and command execution will in this case be performed in conjunction with satellite clusters by NATO personnel. This means that NATO is being completely involved in this conflict," Volodin said before the beginning of the fall session of parliament.
"This discussion can lead to the most terrible consequences. They are discussing strikes on our peaceful cities, and they are discussing this while thinking that it will not affect them. This is not so. ...
The statement pointed out that "100% of Gaza’s population is now dependent on aid and the shortages mean people are starving"
DUBAI, September 17. /TASS/. Israel is blocking up to 83% of humanitarian aid arriving for the Gaza Strip, Al Jazeera reported, citing a joint statement by a group of 15 aid organizations.
It noted that the amount of aid being blocked by Israel has increased substantially since 2023, when just 34% of aid was being blocked. The statement also pointed out that "100% of Gaza’s population is now dependent on aid and the shortages mean people are starving."
Tensions flared up again in the Middle East on October 7, 2023, when militants from the Gaza-based Palestinian radical group Hamas staged a surprise incursion into Israeli territory from the Gaza Strip. Hamas described its attack as a response to the aggressive actions of Israeli authorities against the Al-Aqsa Mosque on the Temple Mount in Jerusalem’s Old City.
In response, Israel has declared a state of ...
NBC
Meta has not yet responded to a request from TASS to comment
NEW YORK, September 17. /TASS/. Meta Corporation, which is recognized as extremist in the Russian Federation, has blocked the accounts of a number of Russian media outlets on its platforms, including RT and the Rossiya Segodnya media group, NBC reported citing a statement from a Meta representative.
"After careful consideration, we expanded our ongoing enforcement against Russian state media outlets. Rossiya Segodnya, RT and other related entities are now banned from our apps globally for foreign interference activity," a spokesperson at Meta said in a statement.
Meta has not yet responded to a request from TASS to comment.
On September 4, the US Department of the Treasury announced that it was imposing sanctions on RT TV channel editor-in-chief Margarita Simonyan and her two deputies. In addition, the US Department of State is tightening the rules for working with the Rossiya Segodnya media group, RIA Novosti, RT, ...
