US President Joe Biden. Archival photoMOSCOW, May 13th. The fate of the petrodollar lies in the «trembling hands» of US President Joe Biden, which raises fears for the future of the US currency, columnist Darlene Casella wrote in an article for American Thinker. In her opinion, Beijing wants to buy oil for Chinese yuan, which will allow him to weaken the dominance of the dollar in the world oil market. At the same time, Biden spoiled relations with Saudi Arabia, which ranks first in the world in terms of oil production.
"Another fly in the ointment in the global currency barrel of honey was the statement of Vladimir Putin, who demanded payment for gas in rubles. Russia also supplies oil to India for Indian rupees, and gas to Turkey — for Turkish lira", Casella noted.
The publicist believes that China's dominance in the global monetary system is possible due to rapprochement with Saudi Arabia and other OPEC countries.Bloomberg called the ruble the world's leading currency in strengthening against the dollar»President Biden's advisers are talking about a possible visit to Saudi Arabia to improve relations, press the kingdom to increase oil production and persuade him to stay in the petrodollar system. Joe Biden could not find Riyadh on the map «If there is a joint photograph of Biden with the king and crown prince, someone will have to turn him around to face the camera. If the global role of the American dollar is in his trembling hands, then we have something to fear,» the observer concluded. Western states have stepped up sanctions pressure on Moscow. Restrictive measures mainly affected the banking sector and the supply of high-tech products. Many countries have announced the freezing of Russian assets. The Kremlin called these measures an economic war, the likes of which have never been seen before. As President Vladimir Putin noted, sanctions have dealt a serious blow to the entire global economy, and the main goal of the West is to worsen the lives of millions of people. According to him, the current events draw a line under the global dominance of the West both in politics and in the economy. sanctions