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BREAKING
Iranian Foreign Ministry: Reimposing sanctions on Iran is illegal
Occupied Palestine: Israeli occupation forces raid homes during a raid on the village of Al-Burj, south of al-Khalil
Hamas spokesperson Hazem Qassem: The movement remains committed to implementing the ceasefire agreement through the handover of another Israeli captive’s body earlier this evening
Al-Arida to Al Mayadeen: We were deprived of all means of communication, and we were isolated from the other detainees so as not to receive any piece of information
Freed prisoner and leader of Operation Freedom Tunnel, Mahmoud al-Arida, to Al Mayadeen: Were it not for the pro-Resistance media, the situation of the isolated detainees would have been catastrophic
Iranian Foreign Ministry: The sanctions reinstated by the E3 are non-binding, and we deem them illegal
Iranian Foreign Ministry: Iran, Russia, and China will send a letter to the United Nations and the Security Council tomorrow confirming the expiration of Resolution 2231 and the end of sanctions
Local Afghan sources: Pakistani airstrikes hit the Arghun district of Paktika province, southeastern Afghanistan, after the ceasefire expired
Hamad to Al Mayadeen: We will return the bodies and abide by the agreement we approved, but what is happening now is an attempt by "Israel" to exert more pressure
Hamad to Al Mayadeen: The issue of the [Israeli] bodies is complex and requires time, especially since the occupation changed the features of Gaza, which we explained to the mediators

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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Trump says too early for Tomahawks, eyes peace deal with Russia

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
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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?

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Palestinian journalist Saleh al-Jaafarawi in an undated image in Gaza, occupied Palestine (Social media)

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