Iranian Sanctions & Oil Embargo May Be Downfall Of U.S. Dollar
Originally Posted At Brasscheck TV
By Priya Sridhar reporting for RT TV
January 28, 2012
Iran’s Golden Euro/Dollar Dodge to side step US sanctions
Most oil sales throughout the world are denominated in US dollars, forcing oil importing nations to maintain stockpiles of dollars in order to continue imports.
This, in no small way, has helped the dollar maintain it's status as the premiere global reserve currency.
So insistent was the US in putting sanctions on Iranian oil, India has decided to continue importing oil from Iran, but is going to
buy it with gold instead of dollars.
It is very possible that China may soon follow suit, as well as Russia. Russia and China already have agreements to trade with each
other using the Russian ruble instead of the dollar.
If the dollar becomes further marginalized as a petro-currency, what then?
Every year India spends $12 billion on purchasing oil from Iran, but now it is using gold instead of dollars. India might not be alone; China has suggested it would jump on board with India. New Delhi and Beijing account for 40 percent of the Iranian oil exports.
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