Monday, September 24, 2018

Another Russian oil company joins list to dump the dollar in payments for energy

As the global dumping of both the dollar and Petrodollar continues to gain steam in the wake of America's policies of economic sanctions and rejection of the Iran Deal, on Sept. 23 another Russian oil company has joined the list of energy producers ready to reject the U.S. currency in trade payment.

Oil firm Surgutneftegas has joined a list of Russian energy companies that are ready to get rid of the US dollar in favor of the euro and other currencies in international settlements, Reuters reports. 
According to a message sent by Surgutneftegas to one of its customers, the oil company wants to “avoid any possible problems with payment in USD,” the news agency reports. “We do not comment on our commercial activity,” replied the company, Russia’s fourth largest by output. – Russia Today
Besides China, India is also in the process of signing agreements with Russia to purchase energy and other goods using their own respective currencies that lie outside the dollar system.

De-dollarization around the world continues to grow, and is very close to reaching the point of critical mass where the label of 'reserve currency' will no longer be able to be attributed to the U.S. currency.  But with Europe experiencing their own internal financial struggles and still needing to rely heavily on dollars and dollar based currency swaps, their capitulation may well be the canary in the coal mine as the final signal for the end of dollar hegemony.

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