Pepe Escobar says that China will buy Saudi oil in yuan and this will accelerate the death of the petrodollar

“It’s the final cut-off,” he says.
amendment

247 – International correspondent Pepe Escobar reports that China should start buying oil from Saudi Arabia in yuan, not dollars – which should hasten the death of the “petrodollar”, the standard used in the global energy market. “The final cut-off,” he said. “It arrived much earlier than we all thought,” he noted. paying off:

The Kazakh newspaper “Capital” reported that the Eurasian Economic Union, formed by Belarus, Kazakhstan, Russia and China, will yesterday develop a project for an independent international monetary and financial system.

On March 11, the Economic Dialogue took place “A new phase of monetary, financial and economic cooperation between the Eurasian Economic Union and the People’s Republic of China. Global Transformations: Challenges and Solutions”.

The strengthening of economic relations comes amid the escalating international attack by the United States and European countries against the European Union countries and China. The current war in Ukraine has increased the international boycott of Russia.

Likewise, this action is taking place at a time when the international financial system is going through one of its worst moments. The announced project will allow greater independence of the Russian-Chinese bloc and cooperation in the field of development.

It is assumed that the new system will be based on a new international currency, which will be calculated as an indicator of the national currencies of the participating countries and commodity prices. The first draft will be up for discussion by the end of March, according to Capital.

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