/ world today news/ Last week there was another event that is important from the point of view of the de-dollarization of the world economy. India has for the first time bought one million barrels of oil from the United Arab Emirates, paying for the delivery in national currency, reports the Turkish publication Dünya.
Thus, India scored another goal in the “door” of the dollar, says the material (translation of “InnoSMI”). After all, as a rule, most commodity transactions around the world are paid for in US currency.
India is the third largest oil importer and consumer in the world. In bilateral trade, India and the UAE have decided to use national currencies to reduce the transaction costs of exchanging dollars.
De-dollarization began to gain momentum after the US imposed financial sanctions against Russia. In particular, BRICS countries have become much more willing to use national currencies in transactions.
There are enough reasons for dedollarization. The issue is the excessive dependence on one currency – that is, the dollar. Problems may arise due to changes in US monetary policy, possible sanctions and restrictions from their side.
Geopolitical conflicts provoked by the United States or in which it is involved have led to increased tensions in relations between the United States and other countries. And some countries are much less inclined to use the dollar in their trade and financial transactions.
China is increasingly promoting the use of its currency as an alternative to the dollar. And besides, for those looking for an alternative to the dollar, cryptocurrencies are very attractive.
Of course, the de-dollarization process is still gaining momentum. It is difficult in a few years to expect a change in a system that has been developing for decades. However, the tendency is quite obvious, it is spoken of as a completely objective process.
Translation: ES
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