Core Viewpoint - India's shift to using RMB for oil transactions with Russia signifies a significant challenge to the dominance of the US dollar in global trade, highlighting a potential shift in the international economic order [1][3][14] Group 1: Background and Context - The shift began after the 2022 Russia-Ukraine conflict, where the US imposed severe sanctions on Russia, limiting its ability to conduct trade in USD [3][5] - As a result of these sanctions, Russia sought alternative currencies for trade, with RMB emerging as a preferred option due to China's stable economic relationship with Russia [3][5] Group 2: India's Transition - Initially, India was a strong proponent of USD, purchasing 12 million barrels of oil from Russia in 2021 using USD [5] - However, following the conflict, India capitalized on discounted Russian oil prices, leading to a dramatic increase in imports from 12 million barrels to 330 million barrels in 2022, accounting for 22% of Russia's oil exports [5][7] - The inability of Russia to accept USD payments forced India to adopt RMB for transactions, marking a significant shift in its currency preferences [5][7] Group 3: Implications for the US and Global Economy - India's actions are seen as defiance against US warnings, as it continues to purchase Russian oil and resell refined products to Europe, undermining US sanctions [7][9] - The use of RMB for oil transactions represents a crack in the US dollar's dominance, as it allows other countries to consider alternatives to USD for trade [9][14] Group 4: Signals for the Future - The transition to RMB for oil transactions indicates that while the dollar's dominance is challenged, it still retains over 80% of the global oil trade [9][11] - India's pragmatic approach to using RMB is driven by economic incentives, allowing it to benefit from cheaper oil while also facilitating trade with China [11][12] - The internationalization of RMB is contingent on China's economic strength and stability, which underpins its acceptance in global markets [12][14]
俄石油巨头强烈要求,印度用人民币结算,特朗普不想看到的出现
Sou Hu Cai Jing·2025-10-09 18:27