On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S. dollar’s dominance in the oil trade under pressure.
During the last few months, Bitcoin.com News has reported on several instances in which analysts and economists suggest that Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations, are attempting to undermine the U.S. dollar. On March 8, Reuters columnists Nidhi Verma and Noah Browning reported on how India’s oil deals with Russia have put a “dent” in the U.S. dollar’s dominance in the international oil trade.
Oil traders and banking sources told the reporters that Indian customers are paying for Russian oil entirely in non-U.S.-denominated fiat currencies, including the United Arab Emirates (UAE) dirham. The sources said that over the last three months, the deals have accounted for “several hundred million dollars” in transactions between the two countries. Three sources with direct knowledge of the matter chose to disclose the information anonymously due to the “sensitivity of the issue.”
The report is not the first time accounts and sources have noted that India is reportedly getting oil from Russia at a significant discount. The estimated $60-per-barrel price cap was reported on various occasions last year. It has also been alleged that a great deal of oil is simply finding its way back to European petrol stations after India allegedly sells the crude for a premium.
A former chief economist at the U.S. State Department, Daniel Ahn, told Reuters on Wednesday that the dollar’s “strength is unmatched.” Ahn called the moves by the Russian Federation “transitory gains” that won’t have much effect. “Russia’s short-term efforts to try and sell things in return for currencies other than the dollar are not the real threat to Western sanctions,” Ahn said in a statement.
What impact do you think India and Russia’s oil deals settling in non-US currencies will have on the global oil trade and the U.S. dollar’s dominance in it? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S. dollar’s dominance in the oil trade under pressure.
During the last few months, Bitcoin.com News has reported on several instances in which analysts and economists suggest that Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations, are attempting to undermine the U.S. dollar. On March 8, Reuters columnists Nidhi Verma and Noah Browning reported on how India’s oil deals with Russia have put a “dent” in the U.S. dollar’s dominance in the international oil trade.
Oil traders and banking sources told the reporters that Indian customers are paying for Russian oil entirely in non-U.S.-denominated fiat currencies, including the United Arab Emirates (UAE) dirham. The sources said that over the last three months, the deals have accounted for “several hundred million dollars” in transactions between the two countries. Three sources with direct knowledge of the matter chose to disclose the information anonymously due to the “sensitivity of the issue.”
The report is not the first time accounts and sources have noted that India is reportedly getting oil from Russia at a significant discount. The estimated $60-per-barrel price cap was reported on various occasions last year. It has also been alleged that a great deal of oil is simply finding its way back to European petrol stations after India allegedly sells the crude for a premium.
A former chief economist at the U.S. State Department, Daniel Ahn, told Reuters on Wednesday that the dollar’s “strength is unmatched.” Ahn called the moves by the Russian Federation “transitory gains” that won’t have much effect. “Russia’s short-term efforts to try and sell things in return for currencies other than the dollar are not the real threat to Western sanctions,” Ahn said in a statement.
What impact do you think India and Russia’s oil deals settling in non-US currencies will have on the global oil trade and the U.S. dollar’s dominance in it? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Xrp rose higher for a third straight session on Wednesday, as prices moved to a two-week high. The rise comes despite market sentiment remaining largely bearish, with the global market cap trading 1.29% lower as of writing. Shiba inu also climbed higher in today’s session.
XRP, formerly ripple, was once again a notable mover, as prices rose for a third straight session on Wednesday.
XRP/USD raced to an intraday high at $0.3952 earlier today, which comes less than 24 hours after trading at a low of $0.3729.
Following the rally, the token has now risen to its highest point since February 21, as it closes in on a ceiling at $0.40.
Looking at the chart, this comes as the relative strength index (RSI) of 14 days marginally broke out of a ceiling at 57.00.
As of writing, the index is tracking at 57.98, which is its strongest reading since the start of February.
Shiba inu (SHIB) jumped back into the green on Wednesday, as prices reentered a key support point.
Following a low of $0.00001065 on Tuesday, SHIB/USD surged to a peak at $0.00001132 earlier in the day.
The move saw the meme coin move back above a price floor at $0.00001100, following a breakout to start the week.
Overall, it appears that this rise in price comes as the RSI moved away from a recent floor at 36.00.
As of writing, the index is tracking at 39.63, with a ceiling at 42.00 a possible target for bulls.
In order for this rally to turn from something brief into something more sustained, this ceiling will need to be broken.
Register your email here to get weekly price analysis updates sent to your inbox:
Could shiba inu extend gains through the remainder of the week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Xrp rose higher for a third straight session on Wednesday, as prices moved to a two-week high. The rise comes despite market sentiment remaining largely bearish, with the global market cap trading 1.29% lower as of writing. Shiba inu also climbed higher in today’s session.
XRP, formerly ripple, was once again a notable mover, as prices rose for a third straight session on Wednesday.
XRP/USD raced to an intraday high at $0.3952 earlier today, which comes less than 24 hours after trading at a low of $0.3729.
Following the rally, the token has now risen to its highest point since February 21, as it closes in on a ceiling at $0.40.
Looking at the chart, this comes as the relative strength index (RSI) of 14 days marginally broke out of a ceiling at 57.00.
As of writing, the index is tracking at 57.98, which is its strongest reading since the start of February.
Shiba inu (SHIB) jumped back into the green on Wednesday, as prices reentered a key support point.
Following a low of $0.00001065 on Tuesday, SHIB/USD surged to a peak at $0.00001132 earlier in the day.
The move saw the meme coin move back above a price floor at $0.00001100, following a breakout to start the week.
Overall, it appears that this rise in price comes as the RSI moved away from a recent floor at 36.00.
As of writing, the index is tracking at 39.63, with a ceiling at 42.00 a possible target for bulls.
In order for this rally to turn from something brief into something more sustained, this ceiling will need to be broken.
Register your email here to get weekly price analysis updates sent to your inbox:
Could shiba inu extend gains through the remainder of the week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
PRESS RELEASE. Singapore—March 8, 2023—BYDFi crypto Exchange announced its partnership with Coinify, a credit card payment provider that enables users to buy cryptocurrencies with ease. Coinify is offering a one-week zero transaction fee promotion for BYDFi Exchange users.
This collaboration marks a significant milestone for BYDFi, as it means more users can purchase cryptocurrencies using their credit cards, while also increasing the competitive edge of BYDFi in the global market. Through this partnership, BYDFi can cater to more users’ needs and increase its trading volume and value.
Coinify is a compliant, secure and regulated payment provider that offers users a range of payment options, including credit cards, bank transfers, and more. In addition, Coinify provides an easy-to-use platform for purchasing cryptocurrencies.
The brand manager of BYDFi said, “We are excited to partner with Coinify. Coinify is a reputable payment provider that offers convenient and secure payment options for users. In addition, Coinify is providing a one week zero transaction fee promotion for our users, which is a very attractive offer. We believe this will attract more users to use BYDFi.”
This partnership will further drive the development of BYDFi in the cryptocurrency trading market, providing users with better trading experiences and services. If you are interested in the partnership between BYDFi and Coinify, please visit the BYDFi website for more information.
About Coinify
Coinify ApS is an established global virtual currency platform actively offering solutions in Europe, Asia and other regions. Their mission is to mainstream the use of virtual currencies and thus help businesses and individuals to adopt financial innovation. Moreover, Coinify can be seen as a bridge for merchants that can e.g. accept blockchain payments in 15 currencies and receive payouts in fiat.
About BYDFi
BYDFi is a cryptocurrency trading platform for global investors. It has continued to bring professional, convenient and new trading services to global users since 2020. BYDFi provides users with a trading solution through Spot, Contracts for Differences (CFDs), Inverse perpetual contracts, USDT perpetual contracts, Grid trading, and Copy-trading services.
BYDFi: https://www.bydfi.com
Media Contact： Jeanne Hsieh
Contact: media@bydfi.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
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Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Source From : News