Very soon, the IMF will cease to be the world’s only organization capable of rendering international financial assistance. The BRICS countries are setting up alternative institutions, including a currency reserve pool and a development bank.
The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the International Monetary Fund and the World Bank, which are dominated by the U.S. and the EU. A currency reserve pool, as a replacement for the IMF, and a BRICS development bank, as a replacement for the World Bank, will begin operating as soon as in 2015, Russian Ambassador at Large Vadim Lukov has said.
The Obama administration on Tuesday told Beijing it was watching the value of China’s currency closely, expressing concern over its recent drop and saying it remains “significantly undervalued.” Continue reading
Beijing’s refusal to stand against Moscow over the crisis in Ukraine could result in a lucrative natural gas deal with Russia next month, reports the Hong Kong-based Ta Kung Pao.
Following more than a decade of false starts, sources say Chinese president Xi Jinping and his Russian counterpart Vladimir Putin will make a final decision next month on the multibillion dollar deal that will see Russia supply pipeline gas to China for 30 years. The deal is expected to come into effect by the end of the year. Continue reading
(Reuters) – Russian state-controlled oil producer Gazprom Neft said it had received positive responses from Asian clients about the possibility of using euros as a settlement currency instead of the dollar.
Company head Alexander Dyukov said this week Gazprom Neft had broached the idea of dropping the dollar, traditionally the currency of choice for the global energy sector, in response to a possible new round of Western sanctions over Russia’s annexation of Crimea. Continue reading
In other words, they could be getting ready to pull the plug.
China could be holding even more gold than previously realised, according to Alasdair Macleod, a researcher at online precious metals trader,GoldMoney.
Official figures from China Gold Association (CGA) show that the Asian superpower consumed 1,176 tonnes of gold in 2013, 41pc higher than in 2012.
However, about 500 tonnes of gold from Chinese mines and scrap is unaccounted for by the CGA.
Mr Macleod believes the country holds more gold that the stated figures suggest, and in fact consumed 4,843 tonnes in 2013 alone. He raised his estimate after researching Chinese Gold Reports, where he said he found details of the amount of gold vaulted.
We’re could very well be looking at the begining of the end of Pax Americana and a new chapter in the books of world history. If bets were to be placed on who the world’s next superpower would be, look no further than the EU, the world’s largest economy with the German Fourth Reich at the helm. Some say China and Russia, but the world still has major mistrust in both of them.
All the years of warnings were laughed at, but as the saying goes: Today’s jokes are tomorrow’s reality. The United States is about to be hit with One Clenched Fist.
China will re-open the old Silk Road as a new trading route linking Germany, Russia and China
April 08, 2014 “ICH” - Russia has just dropped another bombshell, announcing not only the de-coupling of its trade from the dollar, but also that its hydrocarbon trade will in the future be carried out in rubles and local currencies of its trading partners – no longer in dollars – see Voice of Russia
Russia’s trade in hydrocarbons amounts to about a trillion dollars per year. Other countries, especially the BRICS and BRCIS-associates (BRICSA) may soon follow suit and join forces with Russia, abandoning the ‘petro-dollar’ as trading unit for oil and gas. This could amount to tens of trillions in loss for demand of petro-dollars per year (US GDP about 17 trillion dollars – December 2013) – leaving an important dent in the US economy would be an understatement. Continue reading
The US dollar’s position as the base currency for global energy trading gives the US a number of unfair advantages. It seems that Moscow is ready to take those advantages away.
Lately, China has led the BRICS efforts to dislodge the dollar from its position as the main global currency, but the “sanctions war” between Washington and Moscow gave an impetus to the long-awaited scheme to launch the petroruble and switch all Russian energy exports away from the US currency.
The main supporters of this plan are Sergey Glaziev, the economic aide of the Russian President and Igor Sechin, the CEO of Rosneft, the biggest Russian oil company and a close ally of Vladimir Putin. Both have been very vocal in their quest to replace the dollar with the Russian ruble. Now, several top Russian officials are pushing the plan forward. Continue reading
We have been saying for years that there is a global economic war underway. We have warned that Putin has long intended to attack America with a particular obsession with the reserve currency status of the United States’ dollar. Now, Voice of Russia states that it is time for the attack on the dollar to commence. This is a departure from the previous message on March 28 which stated:
“Russia is fully in control of the petrodollar and could cause the Dow Jones industrial average to plummet as it has never done before. One can wave the Stars and Stripes as long as one likes, but it’s a fact that the Russians can turn the US economy upside down . . . So far, Moscow has been in no rush to resort to extreme measures. Russia is going to react in a mirror-like way . . .”
Lately, China has led the BRICS efforts to dislodge the dollar from its position as the main global currency, but the “sanctions war” between Washington and Moscow gave an impetus to the long-awaited scheme to launch the petroruble and switch all Russian energy exports away from the US currency . Continue reading
MOSCOW, April 07. /ITAR-TASS/. Russian gas giant Gazprom is considering more active use of the ruble in settlements with foreign contractors, Vedomosti business daily reported on Monday, quoting Gazprom spokesperson Sergei Kupriyanov.
Gazprom Neft is also discussing a shift from US dollars to euro payment in settlements with buyers, ITAR-TASS had reported earlier in the day, quoting Gazprom Neft CEO Alexander Dyukov. Continue reading
China and Russia arе embarking on a big geopolitical and economic venture of laying in Nicaragua a rival to the USA brainchild, the Panama Canal.
This was disclosed to the “Voice of Russia” by Petr Yakovlev, the head of the Center for Iberian Studies, Institute of Latin America, Russian Academy of Sciences. The expert said that Russian companies are holding talks with Chinese partners on how to participate in this strategic project in Latin America.
The start of the construction is planned for December 2014. Longer time slots had been proposed earlier. It is possible that adjustments have been made following the probable participation of Russian companies in the project. Given the confidentiality of negotiations, Peter Yakovlev did not reveal the names of the Russian companies participating in them. Continue reading
Speaking to the expanded collegium of FSB in Moscow on Monday, Vladimir Putin outlined the designated priorities for the future work. FSB is in charge of guarding Russia’s external borders, including the land-border to neighboring Norway and Finland in the northwest as well as coastline borders to the Arctic Ocean.
“As a priority, we must continue the development of border infrastructure in the Arctic region, as well as on the southern strategic direction,” Vladimir Putin told the audience of FSB officers. Continue reading
Domestic prices in Europe will go up by at least 50 percent, if it cuts supplies from Russia, according to Russia’s Energy Minister Alexandre Novak.
“Moving away from pipeline transportation of natural gas, construction of terminals and deliveries of liquefied natural gas will lead to an increase in gas prices in Europe from the current $380 per 1,000 cubic metres to at least $550,” Novak said in an interview to the Russia 24 TV Channel.
“And the question arises: are the economies of European countries ready to supply and consume gas at such a price?” the Minister asked. Continue reading