How US Leaders’ Attempts To Dominate The World Are Weakening One Of Our Greatest Advantages
Washington’s attempts to dominate global finance through tight sanctions could be strengthening America’s adversaries.
Iran has been avoiding U.S. sanctions by using Chinese yuan to sell its oil, the Wall Street Journal (WSJ) reported Tuesday. This avenue opened amid years of American leaders making it less desirable for China, Iran, and Russia to use the U.S. dollar.
Among the White House’s bargaining chips in the ongoing Iran nuclear deal talks is relief from U.S. sanctions, which could unfreeze some of the approximately $100 billion in frozen Iranian assets, according to WSJ. However, the U.S. Treasury reportedly said most of Iran’s $43 billion in oil revenue from 2024 were paid for in yuan.
Russia also increased yuan use amid U.S. sanctions spurred by the Russo-Ukrainian War, according to WSJ. Over 90% of trade between Russia and China is now conducted through yuan and Russian rubles, according to Russian officials, up from the pre-war 2%.
Republican Sens. Chuck Grassley of Iowa and John Cornyn of Texas introduced a bill to give stolen Russian assets to Ukraine. (Read more from “How US Leaders’ Attempts To Dominate The World Are Weakening One Of Our Greatest Advantages” HERE)
