China And Russia Move To Disrupt The US Dollar’s Dominance In Oil Markets

From oilprice.com

The long-mooted prospect of the end of the U.S. dollar’s hegemony in the global oil and gas markets took another step towards realisation last week with the announcement that Russian and Chinese hydrocarbons giants, Gazprom and China National Petroleum Corporation (CNPC) have agreed to switch payments for gas supplies to rubles (RUB) and renminbi (RMB) instead of dollars. In the first phase of the new payments system, this will apply to Russian gas supplies to China via the ‘Power of Siberia’ eastern pipeline route that totals at minimum 38 billion cubic metres of gas per year (bcm/y). After that, further ... (full story)