The dominance of the U.S. “petrodollar” continues to this day. Recent news coming out of Russia, however, suggests that the era of U.S. dollar dominance could be coming to an end, due to ...

The idea, wrote Wong, was to “neutralise crude oil as an economic weapon and find a way to persuade a hostile kingdom to finance America’s widening deficit with its newfound petrodollar wealth”.

“We are deeply grateful for America’s leadership in holding Russia accountable. I am confident these steps will significantly reduce Russia’s petrodollar income and, with it, its ability to ...