Socio-Economics History Blog

Socio-Economics & History Commentary

Russia Finance Minister: We May Abandon Dollar In Oil Trade As It Is Becoming “Too Risky”

  • Russia Finance Minister: We May Abandon Dollar In Oil Trade As It Is Becoming “Too Risky”
    by Tyler Durden, https://www.zerohedge.com/
    One month ago, the bond market and political pundits did a double take when according to the latest Treasury International Capital report, Russia had liquidated virtually all of its US Treasury holdings, selling off the bulk of its US government bonds in just two months, March and April.

    And with the US threatening to impose a new set of “crushing” sanctions on Russia, including in retaliation for the alleged Novichok nerve gas attack in the UK, Russia not only intends to continue liquidating its US holdings, but to significantly reduce its reliance on the US Dollar.

    Speaking in an interview for the Rossiya 1 TV channel, Finance Minister Anton Siluanov said that Russia “aims to keep reducing its investments in American securities” following new U.S. sanctions and said that the “US dollar is becoming an unreliable tool for payments in international trade.” The minister also hinted at the possibility of using national currencies instead of the dollar in oil trade.

    “I do not rule it out. We have significantly reduced our investment in US assets. In fact, the dollar, which is considered to be the international currency, becomes a risky tool for payments,” Siluanov noted.

    On Friday, the Russian ruble sank to the lowest level in over two years after news about new US sanctions against Russia over the alleged poisoning of former Russian intelligence officer Sergei Skripal and his daughter Yulia in Salisbury, UK, coupled with general selling of emerging market currencies as a result of the growing Turkish financial crisis.

    read more.

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August 13, 2018 Posted by | Economics | , , , , , | Leave a comment

China Defends Business Relations with Iran

  • PressTV Published on Aug 11, 2018
    China has once again defended its commercial relations with Iran, saying they do not harm the interests of any other country. China’s Foreign Ministry on Friday described its business and energy ties with Iran as reasonable, fair and lawful which it said should be respected and protected. The ministry also reiterated its opposition to unilateral US sanctions calling them quote- long-armed jurisdiction. The statements came days after U.S. president Donald Trump said companies doing business with Iran would be barred from the United States. China is Iran’s biggest oil customer, importing more than 650,000 barrels per day from the country.

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August 11, 2018 Posted by | Economics | , , , , , | Leave a comment

China Petro YUAN Gaining Huge Momentum! Will It Destroy the Petro DOLLAR?

August 10, 2018 Posted by | Economics | , , , | Leave a comment

Oil Prices Jump as US Sanctions Targeting Iran Begin to Bite

  • RT Published on Aug 7, 2018
    U.S. sanctions against Iran, which have just come into force, have seen oil prices spike – with analysts predicting the trend will continue. READ MORE: https://on.rt.com/9bx4

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August 8, 2018 Posted by | Economics, GeoPolitics | , , | Leave a comment

Europe Vows to Fight for Iran Deal as US Renews Sanctions

  • Europe Vows to Fight for Iran Deal as US Renews Sanctions
    by , https://www.politico.eu/
    EU seeks to protect European companies doing business with Tehran.

    European leaders said Monday that they were working to preserve the nuclear deal with Iran despite renewed U.S. sanctions against Tehran. Sanctions by the U.S. were set to come back into force on Monday, as a consequence of Donald Trump’s decision to pull out of the deal. 

    In a joint statement, the European guarantors of the Iran nuclear accord, formally known as the Joint Comprehensive Plan of Action (JCPOA), made clear they were actively working to thwart the U.S. sanctions.

    “We deeply regret the re-imposition of sanctions by the U.S., due to the latter’s withdrawal from the Joint Comprehensive Plan of Action,” the EU’s high representative for foreign affairs, Federica Mogherini, said in the statement, also signed by the foreign ministers Jean-Yves Le Drian of France, Heiko Maas of Germany, and Jeremy Hunt of the United Kingdom.

    “The JCPOA is working and delivering on its goal, namely to ensure that the Iranian program remains exclusively peaceful, as confirmed by the International Atomic Energy Agency,” they said.

    The divide between Europe and Washington over the Iran deal is the clearest — and perhaps most consequential — example of the deteriorated relationship between the U.S. and its traditional allies as a result of Trump’s foreign policy decisions. Trump has also driven a wedge between the U.S. and Europe by setting off a global trade war, pulling out of the Paris climate change accord, and moving the U.S. embassy in Israel to Jerusalem.

    In their statement, the officials said that to thwart U.S. sanctions, they were actively working on “the preservation and maintenance of effective financial channels with Iran, and the continuation of Iran’s export of oil and gas.”

    read more.

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August 7, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

India’s Oil Imports from Iran Jumped 48% in June Despite US Threats

  • PressTV Published on Aug 4, 2018
    India’s July oil imports from Iran hit 768,000 barrels per day. It was a 30% rise in comparison with June. That’s despite the US pressures on many countries, including India to stop buying Iran’s oil. India is the second customer of Iranian oil and as Press TV’s Munawar Zaman reports from New Delhi, the country’s refineries are trying to find a way to continue trade with Tehran.

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August 6, 2018 Posted by | Economics, GeoPolitics | , , , | Leave a comment

To Prepare For The Transition The US Must Source Gold Or We Fall Into A 3rd World Nation: Jim Willie

  • INTERVIEW WITH DAVE AT X22 REPORT
    by http://goldenjackass.com/main5.html
    August 4th:  topics covered include the growing awareness by the population that something is not right with fake news network stories turned silly with widespread internet and mainstream censorship with a gathering storm in grassroots economic recession which does not match the official government stories (COGNITIVE DISSONANCE WITHIN REICH ECONOMICS), the massive unemployment during vicious recession called all strong positive growth, the bond market expansion with potential forced pension investment in Special USTreasury Bonds, the elite policy changes from the Euro Central Bank in rainy day fund and Bank For Intl Settlements in concealing debt as hidden defense mechanisms against what they might perceive as the emerging Systemic Lehman Event in a global financial crisis during the climax global breakdown underway, as nothing was resolved since 2008 while all major sovereign bonds have turned subprime and many banking systems in ruins, the gradual installation & implementation of the Gold Standard from the many substantial Eastern endeavors, where the United States must source the gold for a new gold-backed currency with the ongoing concurrent risk from the $600 billion trade deficit, which must be eliminated, or else the USA falls into the Third World from the isolation in reaction to overdone desperate sanctions, including to our own US allied nations like Germany.

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August 6, 2018 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

China Rejects US Request to Cut Iran Oil Imports

  • PressTV Published on Aug 3, 2018
    Media reports say China has rejected a US demand to cut Iranian oil imports. US daily, Bloomberg, says it has received the news from two officials familiar with the issue. However, it says Beijing agreed not to increase purchases of Iranian crude. The move would deal a blow to US President Donald Trump’s efforts to isolate Iran after his withdrawal from the 2015 nuclear deal. Trump has ordered to impose the highest level of economic bans on the Islamic Republic. The sanctions include restrictions over purchases of crude oil from Iran and investing in its oil sector projects.

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August 4, 2018 Posted by | Economics, GeoPolitics | , , , | Leave a comment

Iran Prepares For Military Exercises Demonstrating Their Ability to Shut Down the Strait of Hormuz

  • RT America Published on Aug 2, 2018
    Iran’s Revolutionary Guard forces are expected to begin major military exercises in the Persian Gulf aimed at demonstrating their ability to shut down the Strait of Hormuz. The move comes after the US has withdrawn from the Iran Nuclear Agreement, and the Trump administration develops closer ties with Israel. Marjorie Cohn, Law Professor at the Thomas Jefferson School of Law, and former president of the Nation Lawyers Guild joins us for more.

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August 3, 2018 Posted by | GeoPolitics | , , , , | Leave a comment

Iran’s Navy Assembles Near Mouth of Persian Gulf, US ‘Monitoring it Closely’

Iranian navy fires a Mehrab missile during the Velayat-90 naval wargames in the Strait of Hormuz in southern Iran (file).

  • Iran’s Navy Assembles Near Mouth of Persian Gulf, US ‘Monitoring it Closely’
    by https://sputniknews.com/
    Iran’s Islamic Revolutionary Guard Corps (IRGC) appears to be preparing for a major display of force in the Strait of Hormuz, the only outlet from the Persian Gulf to the open sea, demonstrating its ability to shut down the strategically important waterway.

    US Central Command tweeted Wednesday that American forces are closely watching the developing situation, with the Iranian exercise expected to begin in the next 48 hours.

    “We are aware of the increase in #Iran naval operations within the Arabian Gulf, Strait of #Hormuz and Gulf of Oman… We are monitoring it closely, and will continue to work with our partners to ensure freedom of navigation and free flow of commerce in international waterways… We also continue to advocate for all maritime forces to conform to international maritime customs, standards and laws,” said a trio of tweets attributed to CENTCOM spokesperson Navy Captain Bill Urban.

    The Strait of Hormuz is a vital trade route, with 20 percent of the world’s crude oil passing through the waterway, which is only 29 nautical miles wide at its narrowest point.

    Although Iran borders the strait, it doesn’t totally control it — half is claimed by Oman. Both countries have asserted the right for decades to block warships whose use of the waterway they don’t consider to be “innocent passage,” and Iran annually holds exercises in the strait.

    read more.

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August 2, 2018 Posted by | GeoPolitics | , , , , | Leave a comment

Iran Preparing Massive Military Exercise To “Demonstrate Ability” To Block Persian Gulf: Report

  • Iran Preparing Massive Military Exercise To “Demonstrate Ability” To Block Persian Gulf: Report
    by Tyler Durden, https://www.zerohedge.com/
    After days of heated barbs exchange back and forth between Washington and Tehran, Iran’s elite Islamic Revolutionary Guard forces are expected to begin a major exercise in the Persian Gulf as soon as the next 48 hours, which could be aimed at demonstrating their ability to shut down the Strait of Hormuz, CNN reports citing two US officials.

    “We are aware of the increase in Iranian naval operations within the Arabian Gulf, Strait of Hormuz and Gulf of Oman. We are monitoring it closely, and will continue to work with our partners to ensure freedom of navigation and free flow of commerce in international waterways,” Captain William Urban, chief spokesman for US Central Command, told CNN.

    The Strait of Hormuz – a strategically critical passageway linking the Persian Gulf to the Arabian Sea which is crucial to shipping of global energy supplies – has emerged as a focal point in the escalating war of words between presidents Trump and Rouhani, after Iran threatened to block off the Persian Gulf if the US proceeds with fully implementing oil export sanctions on Iran.

    read more.

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August 2, 2018 Posted by | Economics, GeoPolitics | , , , , | Leave a comment

Iran Plans Launch of National Cryptocurrency to Ditch Dollar in Oil Trade

  • Iran Plans Launch of National Cryptocurrency to Ditch Dollar in Oil Trade
    by https://www.rt.com/
    Tehran is seeking ways to bypass looming US sanctions by launching a cryptocurrency that would help the Islamic Republic trade oil without using the dollar.

    “We are trying to prepare the ground to use a domestic digital currency in the country,”
     Alireza Daliri, deputy for management and investment at the Directorate for Scientific and Technological Affairs, told Iranian news agency ISNA, as quoted by PressTV.


    “This currency would facilitate the transfer of money [to and from] anywhere in the world. Besides, it can help us at the time of sanctions.”

    US President Donald Trump said the United States will quit the 2015 nuclear agreement with Iran and re-impose sanctions “at the highest level” against the country. The sanctions would limit Iran’s access to the US dollar payment system. Oil, the country’s largest export, is mostly traded in dollars across the globe.

    The Iranian media have not provided details of the proposed national cryptocurrency, but it could be backed by oil in the same way as Venezuela’s petro, the digital cash that the South American country uses to bypass US sanctions.

    This week, Iran announced that it had developed its first national encrypted key, based on blockchain technology. The key would be introduced into the country’s banking system and could possibly be used as a token for international settlements.

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July 30, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

Turkey Has No Replacement for Oil, Gas Imports from Iran

  • PressTV Published on Jul 24, 2018
    Turkey’s foreign minister says his country disagrees with US anti-Iran sanctions and does not have to implement them. Mevlut Chavushoglu says Turkey has no replacement for its oil and gas imports from Iran. The top Turkish diplomat says Ankara openly communicated its stance to the US delegation that visited Turkey last week. In May, Washington withdrew from the 2015 nuclear deal with Iran and pledged to re-impose sanctions on Tehran. The US later asked other countries to cut to zero all oil imports from Iran.

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July 25, 2018 Posted by | Economics, GeoPolitics | , , , | Leave a comment

Germany Tells India to Ignore ‘Irritating’ US Pressure & Keep Buying Iranian Crude

  • Germany Tells India to Ignore ‘Irritating’ US Pressure & Keep Buying Iranian Crude
    by https://www.rt.com/
    India and Iran are good partners in the oil trade despite Washington’s discontent, and they should continue cooperating if they so wish, Germany’s Minister of State for Foreign affairs Niels Annen said on a visit to New Delhi.

    “I am not a salesman for Iran but I have an impression that India is willing to continue buying oil from Iran and this will be a very important statement,” Annen told Indian media, as quoted by Sputnik news agency. He said the US attempts to force its allies to join new anti-Iranian sanctions are “irritating, to put it mildly.”

    India, which is dependent on crude imports, is Iran’s top oil client after China. Despite this, India bought 15.9 percent less crude from Iran in June compared to May. After that, Iran threatened that it would suspend all privileges in bilateral trade with India, including payments in rupees.

    Last week, Reuters reported that India’s Oil Ministry has asked refiners to prepare for a “drastic reduction or zero” imports of Iranian oil from November, when US sanctions against Iran start.

    “(India) has asked refiners to be prepared for any eventuality, since the situation is still evolving. There could be drastic reduction or there could be no imports at all,”
     Reuters wrote quoting its sources.


    While India doesn’t recognize unilateral US sanctions against Iran, the country is exposed to the US financial system and could get caught in the crossfire. Washington could target Indian companies and banks that do business with Iran.

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July 25, 2018 Posted by | Economics, GeoPolitics | , , , , | Leave a comment

Iran Supreme Leader Backs Idea of Blocking Gulf Oil Trade If Its Exports Stopped

  • Iran Supreme Leader Backs Idea of Blocking Gulf Oil Trade If Its Exports Stopped
    by https://sputniknews.com/
    Following the withdrawal of the US from the Iranian nuclear deal, Supreme Leader of Iran Ali Hosseini Khamenei has repeatedly stated that Tehran would not negotiate with Washington in order to reach a new agreement.

    The Supreme leader backed President Rouhani’s suggestion that Tehran may block Gulf oil exports in the event Iranian exports are stopped.

    “[Ayatollah Ali Khamenei] said remarks by the president… that ‘if Iran’s oil is not exported, no regional country’s oil will be exported,’ were important remarks that reflect the policy and the approach of [Iran’s] system,” Khamenei’s website said.

    He also noted that the US was not trustworthy, so Tehran cannot reach a solid agreement with Washington. “The word and even the signature of the Americans cannot be relied upon, so negotiations with America are of no avail,” Khamenei said in a meeting with Foreign Ministry officials, adding that negotiations with Washington would be an “obvious mistake”, according to his official website.

    Previously, Iranian Foreign Ministry spokesman Bahram Ghasemi stated that it is more likely that US President Donald Trump will himself “call Tehran and ask for negotiations” than Iran calling Washington. He also denied media reports that Iran handed a letter to Trump through Russian President Vladimir Putin facing the summit of the two leaders in Helsinki.

    Donald Trump withdrew the US from the Joint Comprehensive Plan of Action (JCPOA), also known as Iran nuclear deal, in May 2018 and promised to re-impose sanctions against Tehran and any firm that does business with the country. Russia, France, China, the UK, Germany and the EU have opposed the action and confirmed their commitment to the deal.

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July 23, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment