Trump rejoiced too early that India had not given up on buying Russian oil and had already settled with the RMB. Who is more faithful about Trump’s and Russia’s statements?
When the international community believes that US-India relations will continue to fall into a stalemate due to customs policy, visas and other issues, Trump a "good news".
He proudly told the media at a White House event that Modi had promised him in a phone call earlier in the day that he would stop buying Russian oil, and Trump regarded the news as major news.
However, Trump left some room for this "big news". He made up for India, saying that India can't stop buying Russian oil immediately, but the change is already in progress, which requires a process, which will end soon.
After Modi gave Trump a verbal promise not to buy Russian oil, Trump was in a good mood. He once again called Modi a good friend, boasted of the good relationship between the two, and even praised India as a "great country."
Speaking of the issue of buying Russian oil, Trump could not miss China, and when his speech was about to end, he pointed to the name of China, stressing the next goal is for China to do the same.
Can India really stop buying Russian oil? Not likely. Only India has always taken advantage of other countries. How can a smart Modi let Trump take advantage? India may symbolically reduce its import of Russian oil, increase its purchase of American energy, and will never completely stop buying Russian oil. This is inconsistent with India's foreign and energy policies, and will impact Russia-India relations. It is not a situation that the Modi government wants to see.
On the same day Trump announced that India would stop importing Russian oil, Russian Deputy Prime Minister Novak also revealed a piece of heavy news. India has begun to use RMB to purchase Russian oil. The specific proportion is not convenient to disclose. The rest is settled in rubles. This is the case.
Russia's statement contains at least three important pieces of information. First, the oil trade between Russia and India is still in progress and shows no sign of stopping;
Second, not only did the two sides not stop oil trade, but even settled in local currency;
Third, India, in addition to buying Russian oil, also uses RMB for payments, with actions with China and Russia to shock the dollar hegemony system.
It’s unclear whether Trump regrets his compliments to India and Modi after seeing the news released by Russia.
As a party to the oil trade, Russia definitely knows the current situation of Russia-India oil trade better than Trump. What Trump got was Modi's verbal promise, just like the promise he made to the leaders of other countries, which was not credible. The two sides didn't sign the agreement in black and white, and Modi could go back on his word after hanging up the phone.
India's use of RMB to purchase Russian oil can not only maintain Russia-India energy cooperation, but also send a signal of easing to China, and at the same time combat the hegemony of the US dollar. It can be regarded as a countermeasure against the US and demonstrate "strategic independence."
The close ties between the three countries surrounding the Russian oil are essentially the joint outcry of emerging economies in the “dollarization” wave. Russia is thus free from financial isolation, India guarantees low-cost energy, and China is pushing the internationalization of the RMB into the core energy field. The global trade settlement system is making an irreversible push from “single-polar dollar hegemony” to “multipolar currency coexistence”.
When Trump is thrilled by Modi’s verbal promise, the three countries are already quietly pushing the foundation of the dollar hegemony, and more countries will join in the future, witnessing the dollar’s gradual collapse to the end.