China And Russia Move To Disrupt The Dollar’s Dominance In Oil Markets

The long-mooted prospect of the end of the U.S. dollar’s hegemony in the global oil and gas markets took another step towards realisation last week with the announcement that Russian and Chinese hydrocarbons giants, Gazprom and China National Petroleum Corporation (CNPC) have agreed to switch payments for gas supplies to rubles (RUB) and renminbi (RMB) instead of dollars.