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Joseph Fomunung's avatar

Useful article on sanctions and their ramifications on givers and takers and neutral s in between.

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fd's avatar

Very convincing and clear position on a captivating but not so easy to catch topic (at least for an amateur). I read this blog for the first time, following a link in Adam Tooze’s Chartbook, and I think I will come back for other posts !

Beyond the big question of the statute of reserve currency change, could be a realistic pathway that the Sino Russian trade moves from the “88% of Russian exports to China [were] priced in dollars or euros” to trade flows mainly on an renminbi basis, especially as they are relatively complementary trade flows (commodities vs. manufactured products) ? Eventually, could an Eurasian trade area outside Dollar/Euro influence develop in such a way (the economic reflection of the Shanghai Cooperation Organisation) with some level of isolation from the global system ?

Of course, it would to some extent epitomize and foster a vassalization of Russia to China, but could it be a first realistic step (well ahead of shaking the dollar leadership) ?

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