Dollar billMOSCOW, Mar 21Saudi Arabia's talks with China to sell oil in yuan instead of dollars is yet another «potentially significant loss» for the US due to the Joe Biden administration's disdain for its strategic ally, according to an editorial in The Wall Street Journal. As recalled by the publication, in 1974, Saudi Arabia pledged to trade oil only in dollars in exchange for security guarantees from Washington. However, the current US administration has undermined these agreements at every turn, and, apparently, the Saudis are tired of this.The expert explained why Riyadh and Beijing want yuan oil deals»One of the administration's first foreign policy moves was to stop supporting Saudi Arabia's Iran-assisted war against the Houthis in Yemen. The United States also removed terrorist status from the Houthis. Then White house postponed a planned arms sale to Riyadh — a real security slap in the face, and the situation was resolved only at the end of last year,» the WSJ notes. In addition, Riyadh «watches in horror» as President Biden agrees a new deal on the Iranian nuclear program, which will provide Tehran with resources, journalists say. At the same time, the United States needs all the allies that they can keep in this difficult region, the publication emphasizes. «Highly moral internationalists in the Biden administration mistakenly believe that powers like America have the luxury of dealing exclusively with morally blameless allies,» the article says. to Washington. “They saw the hostility of the Biden administration and the horrendous withdrawal of troops from Afghanistan. The Crown Prince (Saudi Crown Prince Mohammed bin Salman – ed.) refused Biden’s calls to increase oil production, and, if reports are to be believed, he even refused to take a phone call from the US president.” , — indicates the WSJ. At the same time, Beijing, according to the publication, is glad to have the opportunity to fill the void, and if the negotiations are successful, it will be able to reap considerable benefits. In the current era of great power rivalry, the United States cannot afford to alienate allies that can help deter authoritarian aggressors who seek to harm interests and America's values. The United States is paying a heavy price in Ukraine for losing Saudi Arabia,» concludes the WSJ. Earlier it was reported that Russia and India are exploring the possibility of moving to settlements in rubles and rupees with the use of the Chinese yuan as the base currency.< strong>Read the full text of the article on the InoSMI website >>
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