A couple more nails in the petrodollar’s coffin, courtesy of Turkey, India and Russia

This nail courtesy of Turkey and Russia, (via Sputnik news agency):

Russia and Turkey are set to work on increasing payments between the countries in their national currencies, the Russian-Turkish Intergovernmental Commission said Wednesday.

“The working group on financial and banking cooperation, taking into account information about detected barriers, is to continue its work to eliminate them and increase the volume of payments in the national currencies of Turkey and Russia,” the commission said.

Both sides noted the absence of legal and infrastructural constraints for conducting payments in their national currencies and agreed to work alongside representatives of the business communities to identify possible obstacles.

This nail courtesy of India and Russia, (via Sputnik news agency):

Transition to national currencies, the rupee and ruble, in trade between India and Russia will significantly increase bilateral trade, P.S. Ragahvan, the Indian Ambassador to Moscow told Rossiya Segodnya news agency on Tuesday.

“I would like to mention actually three specific ways in which we are looking to see a significant increase in trade exchanges between our two countries. The first is as mentioned, trade in national currencies,” Ragahvan stated. “It is obviously advantageous, because trade between Russia and India is now through the currency of a third country which means that business people have to hedge against two different currencies – between the rupee and the dollar and then the dollar to the ruble and vice versa,” the ambassador stated in an interview ahead of the Indian Trade and Industry exhibition in Moscow.

Besides the transition to national currencies, the ambassador proposed another two elements that could “have a huge impact on trade between the two countries.” The second and the third elements are discussions between customs authorities and the active use of the North South Corridor, going “from ports in India to ports in Iran, up by the overland route and then into Russia, either across the Caspian Sea or through Azerbaijan.” According to the ambassador, this could reduce “the total length traversed by goods between India and Russia by half.”

While Obama tries to hammer Russia into submission via Ukraine and sanctions with the support of the “international community”, Putin is hammering away at the petrodollar with an all to enthusiastic and willing group of participats known to many of us as the “rest of the world.”

References:

http://sputniknews.com/business/20141126/1015188788.html

http://sputniknews.com/business/20140923/193202038.html