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Not only did the western alliance send a signal that they could be made worthless by its cartel at the stroke of a pen, but the shift from the petrodollar to the petroyuan is symbolic of a currency regime that has had its time.
Source: https://www.lewrockwell.com/2023/01/alasdair-macleod/the-benefits-of-a-saving-culture/
Revenue expectation from oil export which Government expects to deploy for effective implementation of the 2024 budget, may be affected as major global oil traders are moving away from petrodollar transactions.
This could suggest a strategic move to improve the rupee’s global standing, and gradually phasing out dependence on petrodollar.
Source: https://www.siasat.com/in-a-first-india-pays-in-rupee-to-buy-crude-oil-from-uae-2941868/