Thanks to US Sanctions, Nations Are Bartering Again
The bucks stop here. President Trump’s eagerness to flex America’s economic might by slapping trade sanctions against Iran,
Russia and Venezuela have encouraged other countries to do business the old-fashioned way. Indonesia’s trading palm oil for Russian weapons, India’s exploring an exchange of rice for oil with Venezuela, and there are even proposals to exchange European goods for Iranian crude through Russian territory —
all just to skirt the almighty dollar.
For the first time in decades, the world’s beginning to imagine a global economy not undergirded by American currency.
Sources: OZY