Commodity Trade Mantra

Posts Tagged ‘Dollar Market’

Russia Is Actually Abandoning The U.S. Dollar

Gazprom is not the only big company in Russia that is moving away from the U.S. dollar. Russia will start settling more contracts in Asian currencies, in order to lessen its dependence on the dollar market. Russia abandoning the dollar will hurt, but if other nations start following suit that could eventually cause a financial avalanche.

Over the last few weeks there has been a significant interest in the market from large Russian companies that are now preparing to switch contracts to renminbi & other Asian currencies amid fears that western sanctions may freeze them out of the US dollar market. It looks like this is not just a blip, this is a trend.

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