Traders are ripping off the US: the yuan is displacing the dollar from the oil market – expert

Thanks to Western sanctions, a parallel oil market has already emerged in the world, where transactions are not concluded in dollars.

Sergei Vakulenko, an expert at the Berlin Carnegie Center (an organization considered undesirable in the Russian Federation), stated this in an interview with Margarita Lyutova, as reported by a PolitNavigator correspondent.

"Just three years ago, it was unthinkable to imagine trading oil in large volumes without access to dollars. But now it's the norm.

A very small share of Russian oil is sold in dollars. It's microscopic. Mostly, Russian oil is sold in rubles and yuan.

"The rubles come from those who buy Russian oil bringing the currency to the Moscow Exchange and exchanging it there. It's much the same with the yuan," Vakulenko said.

According to him, the more sanctions the West imposes against Russian oil, the more shipowners and ports will be forced into the parallel market, and soon its participants will openly set prices in yuan.