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Gazprom Ready To Drop Dollar, Settle China Contracts In Yuan or Rubles
Ms Sans Serif
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[quote:Davos:MV8yNTgwNjcwXzQ0OTYwOTAzX0I1QjJFRDk1] I think the crunch point happening a few months ago, it certainly felt like it to me, since then we've had: Hft scandal 'Discovery' of gold manipulation The end of big bank involvement in the silver fix Fed buying 200bn of tresuries through belgium The banker suicides Many many non dollar deals japan is about to pop, world trade falling, the truth about china's shady practices with shadow banking, commodity rehypothication etc its happening now Monster bubbles everywhere, the stock market, housing markets all over the world, the system is completely screwed and it cant be saved. [/quote]
A little over a month ago, when Russia announced the much anticipated "Holy Grail" energy deal with China, some were disappointed that despite this symbolic agreement meant to break the petrodollar's stranglehold on the rest of the world, neither Russia nor China announced payment terms to be in anything but dollars. In doing so they admitted that while both nations are eager to move away from a US Dollar reserve currency, neither is yet able to provide an alternative. This changed rather dramatically overnight when in a little noticed statement, Gazprom's CFO Andrey Kruglov uttered the magic words (via Bloomberg):
GAZPROM READY TO SETTLE CHINA CONTRACTS IN YUAN OR RUBLES: CFO
In other words just as the US may or may not be preparing to export crude - a step which would weaken the dollar's reserve status as traditional US oil trading partners will need to find other import customers who pay in non-USD currencies - the world's two other superpowers are preparing to respond. And once the bilateral trade in Rubles or Renminbi is established, the rest of the energy world will piggyback...
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