Sunday, October 18, 2009

Russia Ready to Dump U.S. Dollar in Bilateral Oil and Gas Dealings Says Putin

The dollar's descent into irrelevancy continues as Prime Minister Putin says that Russia is consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings.

The Russian prime minister said the issue would be addressed among others at a meeting of Shanghai Cooperation Organization (SCO) finance ministers, who are to convene before the end of the year in Kazakhstan.

Britain's Independent newspaper reported last Tuesday that Russian officials had held "secret meetings" with Arab states, China and France on ending the use of the U.S. dollar in international oil trade.

The countries are reportedly seeking to switch from the dollar to a basket of currencies including the euro, Japanese yen, Chinese yuan, gold, and a new unified currency of leading Arab oil producing countries.

Source: RIA Novosti

Image Source: David Dees

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