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Russia, Iran And Latin America Admit Talks of Dumping Dollar

Russia and Iran Now OFFICIALLY Talking of Dumping Dollar for International Trade

Washington’s Blog
October 18, 2009

After the Independent reported that Middle Eastern oil producers, plus China, Japan and France have all agreed to start trading oil using a basket of currencies – instead of the dollar – starting in 9 years, spokesmen for those governments denied it.

The Independent’s reporter explained why the governments were denying the rumor.

But now the governments themselves are starting to admit that they are switching out of the dollar.

For example, Russian Prime Minister Vladimir Putin said Wednesday that Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings. As Russia’s newspaper RIA Novosti writes:

Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.

The premier, currently on a visit to Beijing, said a final decision on the issue can only be made after a thorough expert analysis.

“Yesterday, energy companies, in particular Gazprom, raised the question of using the national currency. We are ready to examine the possibility of selling energy resources for rubles, but our Chinese partners need rubles for that. We are also ready to sell for yuans,” Putin said.

And Iran’s Press TV reports that Iran wants to completely drop the dollar from its foreign exchange:

Since October 2007, Iran has received 85 percent of its oil revenues in currencies other than the US dollar and Tehran is determined to find a substitute for the US dollar for the rest of its 15 percent of oil revenues, the report added.

This story is confirmed by the Tehran Times, which notes:

As I have repeatedly noted, many countries have been moving out of the dollar for years. The process is simply accelerating.

In line with this plan, Iran has informed Japan that it should use the yen instead of dollars to pay for the oil it buys from the Islamic Republic.

In addition, Iran has decided to open a bourse for oil and gas transactions in currencies other than the U.S. dollar, especially the euro.

 

Latin America plans US dollar replacement

Press TV
October 17, 2009

Leftist Latin American leaders have agreed on using a new intra- regional trading currency, dubbed as Sucre, instead of the US dollar.

Bolivian President Evo Morales, who hosted leaders of the Bolivarian Alternative for Latin America and the Caribbean (ALBA), said that the “document is approved.”

During the seventh ALBA summit, the leaders agreed on the currency reform as well as approving plans to impose economic sanctions against the coup leaders in Honduras, AFP reported.

The currency, Sucre, is named after Jose Antonio de Sucre who fought for Spain’s independence alongside Venezuelan hero Simon Bolivar in the early 19th century.

Sucre is scheduled to be rolled out in 2010 in a non-paper form.

The nine members of ALBA, conceived by Venezuelan President Hugo Chavez, are Cuba, Dominica, Venezuela, Ecuador, Nicaragua, Honduras, Saint Vincent and Antigua, Bolivia and Barbuda.

The bloc also agreed to replace the International Center for Settlement of Investment Disputes, which is in charge of arbitrating international disputes and has probed a large number of contract disputes between Western energy firms and members of ALBA.

ALBA, which has already lost many of its members, including Ecuador, is echoing the moves of the European Union and its introduction of euro.

World Bank and IMF Join Global Attack on U.S. Dollar

U.S. Dollar Will No Longer Be World Reserve Currency

 


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