Comment by the_gipsy
10 hours ago
The point was to stop oil trades of "petro non-dollars", just like Venezuela.
If countries start getting away with selling oil in other currencies, then they wouldn't funnel back all these vasts amounts of dollars into the S&P 500 and the American economy would collapse.
And the Russian sanctions that pushed nearly all Russian oil into yuan, or the current US president telling India to trade with Russia in direct currency contracts?
Iran hasn’t been dollar denominated for decades at this point, they wish they could be! It would make their oil more valuable.
Well Iran is letting ships through if they trade in petro-non-dollars (mostly yuan) and pay a fee, and the American blockade also lets those through if they're not coming from Iran itself. At this point the cheapest oil is the oil bought in yuan. Massive own goal there.