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Originally Posted by Mr.Coffee
Too lazy to go get the articles but Japan has decided to say “nah” to the US price cap on purchasing Russian crude oil (not good, possible floodgate opener move?) and meanwhile a few other (large) countries are starting to shift in purchasing with the US dollar. Russia and China the notable ones but India putting pressure on others to use the Rupee as well. Not enough of an expert to understand the ramifications of these moves, however.
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ASEAN is also moving towards trade using their own currencies instead of the dollar. Saudi will also be trading with China in the yuan for oil. India had previously used the yuan for some energy purchases from Russia, but obviously doesn't want to keep doing that while not having a great relationship with China. BRICS+ had been discussing moving towards something like what ASEAN is doing, but I'm not sure where that stands now. I remember Indonesia recently also talked about getting rid of Visa and Mastercard to avoid having their domestic payment systems running on US-controlled rails. I think a lot of the trade between China and LATAM is also going to be taking place in yuan. While the US is wanting to move away from globalization and towards regionalization of supply chains, they've given much of the world reasons to move away from dollar dependence and towards regionalization of currency regimes.
Fwiw, I think Japan basically asked America's permission to buy Russian oil above the cap and the US approved, so not sure it's much of a big issue. Most of the world outside the Global North isn't paying attention to sanctions on Russia anyways.