With the US increasingly willing to use the dollar, and SWIFT, as a strategic weapon against the country’s sovereign enemies (as Iran learned every 5 or so years), Russia and India are preparing to bypass US sanctions on Moscow by using the rupee and the ruble in bilateral trade involving military deals, the Economic Times reported.
Some $2 billion in weapons deals between India and Russia have been hit as a result of the recent US sanctions, as payments get stuck. The countries are seeking to bypass such monetary bottlenecks this by switching to settlements in domestic currencies and ditching the greenback. Continue reading
BERLIN/WASHINGTON (Own report) – The EU announced its first defensive measures against US plans to penalize European companies’ business engagements with Iran, by reactivating the 1996 “Blocking Statute.” That law prohibits companies from terminating their business engagements with Iran, to avoid severe penalties in the United States. Some companies from Germany and other EU countries have already announced that they will cancel their contracts with Tehran to avoid endangering their business ventures in the US. German companies, involved in profitable ventures with Russia, could be facing a similar situation. Washington threatens to demand that businesses from Germany and the EU comply also with the April 6 sanctions announced by US President Donald Trump, against some Russian oligarchs and their companies. According to government advisors, German Russia-oriented businesses are “virtually panicking” because of the escalation of a global trade war.