Saudi Arabia is moving towards eliminating the US Dollar in oil transactions. They’re actively looking at trading oil in Chinese Yuan.
RT:
Saudi Arabia is ready to discuss trading in currencies other than the US dollar, according to the Kingdom’s finance minister Mohammed Al-Jadaan, as cited by Bloomberg.
Al-Jadaan’s comments come a month after China’s President Xi Jinping said that Beijing is ready to make energy purchases in yuan instead of the US dollar in trade exchanges with members of the Gulf Cooperation Council (GCC). China’s leader highlighted the necessity of the shift while speaking at a Chinese-Arab summit hosted by Saudi Arabia earlier this week.
“There are no issues with discussing how we settle our trade arrangements, whether it is in US dollar, in euro or in Saudi riyal,” Al-Jadaan said on Tuesday during an interview with Bloomberg in Davos, Switzerland.
The oil-rich kingdom is seeking to deepen its ties with vital trade partners, including China. The readiness for talks on the issue expressed by Riyadh may signal that the world’s biggest oil exporter is open to diversifying away from the US dollar after decades of pricing crude exports in the US currency. The riyal, the Saudi national currency, has been pegged to the greenback, too.
The strength of the US Dollar has primarily been based on the US military power forcing countries into trading oil exclusively in the US Dollar. Now that the world is seeing the American military empire for what it is, the Saudis and other countries are looking to exit from this system.
As oil and other goods are traded in other currencies, the role of the US Dollar as the world’s reserve currency will end and with it the Jewish American empire.
De-dollarization in action.
Saudi Finance Minister:"Saudi Open to Settling Trade in Other Currencies."
World’s largest oil exporter, which maintained the US dollar for decades in oil trade, is seeking to strengthen its relations with crucial trade partners including China. pic.twitter.com/MRo7KBxx70
— Kim Dotcom (@KimDotcom) January 17, 2023
You’re witnessing the accelerated fall of an empire. This year expect major escalation with Russia and China for driving global de-dollarization. When the US can no longer fund its debt with money printing it will collapse under the weight of its current debt. It’s happening now.
— Kim Dotcom (@KimDotcom) January 17, 2023
