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BREAKING
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

Oil for Yuan a "big, bad thing", says Republican senator

  • By Al Mayadeen Net
  • Source: Agencies + Al Mayadeen Net
  • 21 Mar 2022 10:22
2 Min Read

Senator Ben Sasse says that the Saudis pricing some of their oil in Chinese currency is a "big, bad thing."

  • x
  • US Senator for Nebraska Ben Sasse
    US Senator for Nebraska Ben Sasse

In a segment on Fox News Sunday, US Republican Senator Ben Sasse commented on reports of Saudi Arabia pricing some of its oil in Chinese yuan instead of the US dollar, Sputnik reported.

"The Saudis pricing some of their [oil] commodity in Chinese currency, or signaling that that's where they're headed…is a big, bad thing", he said.

Saudi Arabia is in active negotiations with Beijing to price part of its oil supplies to China in Yuan, a move that would undermine the US dollar's domination of the global petroleum market and represent another turn by the world's top crude exporter toward Asia.

China purchases more than a quarter of Saudi Arabia's oil exports. Those sales, if priced in yuan, would raise the value of China's currency. The Saudis are also considering including yuan-denominated futures contracts, known as the petro-yuan, in the pricing model of Saudi Arabian Oil Co., known as Aramco.

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US uses tariffs to strongarm India on Russia ties

Sasse called for the US to "constantly" rearm Ukraine, and stressed that "defeating Vladimir Putin" is the only way to prevent China from displacing the dollar.

The US dollar has been the global benchmark for oil sales ever since the US struck a deal with Saudi Arabia to standardize oil prices in the 1970s, creating the petrodollar. 80% of oil sales are currently denominated in US dollars.

Going too far

The US' efforts to isolate Russia's oil sales from the world market may have been a step too far for some countries in Africa, Asia and Latin America.

Mexico, South Africa and India have all taken stances against the US' approach to the Ukraine crisis, either refusing to join Washington in sanctioning Russia, or condemning NATO's actions altogether.

India, the world's third-largest energy consumer, has acquired three million barrels of crude oil from Russia at a significant discount to the current Brent crude price.
 
According to sources, the Russian side offered a 27 to 30% reduction compared to international pricing.
 
Commodities monitoring and analytics firm Kpler revealed that India has acquired 360,000 barrels of oil per day from Russia so far in March, over four times the 2021 average.

  • Yuan
  • China
  • Saudi Arabia
  • United States
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

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