Russia Getting Rid of Dollar in Oil Trade?

Reiterating what Novak said last week, Putin now says it is looking to break free of the US dollar in the oil trade. 

Russia’s central bank showed last week that Moscow held 45.8 percent of its reserves in U.S. dollars as of Jan. 1, 2018.

Going to start first with Iran and Turkey.

Feasible?

 

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USA is getting increasingly irrelevant due to technology stagnation and other countries catching up quickly in manufacturing goods. China is now by far the leading manufacturer of goods and also the largest exporter. The food supply has kicked up in Brazil and Africa due to green revolution and commercial farming. USA has nothing to offer that others don't. USA itself is trapped in debt and is simply printing dollars instead of cutting down on the GDP and people's wages. USA labour is too costly and offers no advantage over other cheaper labour. In fact, USA's silicon valley and other technology hubs are run mostly by Indians and Chinese. The USA students are more interested in studying arts and humanities.

Considering the current scenario, it is becoming increasingly foolish to consider dollars as an asset. USA can't be allowed to buy the world just because they have big dollar printing machine. It is indeed reasonable to switch from petrodollar altogether

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