Is the global economy slowly moving away from the dominance of the United States Dollar? The ongoing tensions involving Iran, the United States, and other geopolitical shifts are accelerating discussions around de-dollarisation in global energy trade.

Countries are increasingly settling oil transactions in alternative currencies such as the Chinese Yuan, Russian Ruble, and Indian Rupee. This shift could reshape how global commodities are priced and traded.


US-Iran War: Is The World Moving Away From The Dollar?

The ruble on Monday dropped to 100 per US dollar on Monday. Russia's official currency was trading at 100.4975 rubles per US dollar, its lowest value in the last 17 months.

Throughout this year, the ruble has been under pressure due to Russia's declining trade balance. Export earnings have decreased, and imports have risen, causing a drop of around 28 percent year-to-date from levels near 70 to the dollar.

Since Russia invaded Ukraine, the ruble's value has had a turbulent journey. It hit a record low of 120 against the US dollar in March 2022, but then bounced back to a more than seven-year high a few months later.&nbsp;Furthermore, the central bank recently decided to cease buying foreign currency in the domestic market for the remainder of 2023, aiming to stabilise the ruble.&nbsp;

The Bank of Russia has attributed the notable decrease in the ruble's value this year — a decline of roughly 30 percent against the dollar — to the growing trade deficit of Russia. In the months spanning January to July, the country's current account surplus dropped by 85 per cent when compared to the previous year.

Meanwhile, President Vladimir Putin’s economic advisor stated that Russia desired a strong ruble and that lax monetary policy was the primary cause of the Russian currency’s depreciation.

Maxim Oreshkin, who helps Putin with money matters, wrote in an article cited by Reuters, "The main source of ruble weakening and accelerating inflation is soft monetary policy. The central bank has all the tools to normalize the situation in the near future and ensure that lending rates are reduced to sustainable&nbsp;levels."

(Inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The ruble on Monday dropped to 100 per US dollar on Monday. Russia's official currency was trading at 100.4975 rubles per US dollar, its lowest value in the last 17 months.

The ruble on Monday dropped to 100 per US dollar on Monday. Russia's official currency was trading at 100.4975 rubles per US dollar, its lowest value in the last 17 months. Throughout this year, the ruble has been under pressure due to Russia's declining trade balance. Export earnings have decreased, and imports have risen, causing a drop of around 28 percent year-to-date from levels near 70 to the dollar. Since Russia invaded Ukraine, the ruble's value has had a turbulent journey. It hit a record low of 120 against the US dollar in March 2022, but then bounced back to a more than seven-year high a few months later. Furthermore, the central bank recently decided to cease buying foreign currency in the domestic market for the remainder of 2023, aiming to stabilise the ruble. The Bank of Russia has attributed the notable decrease in the ruble's value this year — a decline of roughly 30 percent against the dollar — to the growing trade deficit of Russia. In the months spanning January to July, the country's current account surplus dropped by 85 per cent when compared to the previous year. Meanwhile, President Vladimir Putin’s economic advisor stated that Russia desired a strong ruble and that lax monetary policy was the primary cause of the Russian currency’s depreciation. Maxim Oreshkin, who helps Putin with money matters, wrote in an article cited by Reuters, "The main source of ruble weakening and accelerating inflation is soft monetary policy. The central bank has all the tools to normalize the situation in the near future and ensure that lending rates are reduced to sustainable levels." (Inputs from Reuters) WATCH WION LIVE HERE

Russian ruble drops to 100 against dollar for first time since March 2022

The rouble dived around 3% against the dollar on Tuesday as market comes to terms with the prospect of lower export revenue in the wake of restrictions on Russian oil.

World Business Watch: Russian rouble slumps around 3% vs dollar as sanctions weigh

United National Party (UNP) leader Ranil Wickremesinghe has been appointed as the Prime Minister of Sri Lanka. The parliamentarian was sworn in as the Prime Minister before President Gotabaya Rajapaksa today. In other news, the Russian&nbsp;ruble rose against the dollar again on Wednesday, as the Moscow Exchange reopened after a two-day holiday.&nbsp;

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With the backing of the Sri Lanka Podujana Peramuna (SLPP) MPs, Ranil Wickremesinghe has accepted the post of Prime Minister. MP Wickremesingh lost the Parliamentary Elections in 2020 and later entered the Parliament through the single National List seat that was secured by the UNP.

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Responding to Finland’s move to join NATO, Kremlin on Thursday sounded a warning that their neighbour’s decision to join the US-led military alliance would “definitely” pose a threat to Russia.

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The Spanish government are currently in the process of drafting a law that will allow women over the age of 16 to have abortions without taking permission from their parents or guardian.

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Climate change is wreaking havoc on our planet. Heatwaves, toxic air, and dry river beds have become common news. But in Las Vegas, climate change has uncovered some very sordid secrets.

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There are 1,154 sites around the world which have been recognised by UNESCO for their architecture, importance and also cultural significance. The Taj Mahal was commissioned in 1632 by the Mughal emperor Shah Jahan and is well known for its majestic architectural genius.

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Deepika, 36, has become the first Indian brand ambassador of luxury brand Louis Vuitton. Padukone is part of LV's new campaign for its Dauphine bag.

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United National Party (UNP) leader Ranil Wickremesinghe has been appointed as the Prime Minister of Sri Lanka. The parliamentarian was sworn in as the Prime Minister before President Gotabaya Rajapaksa today.

United National Party (UNP) leader Ranil Wickremesinghe has been appointed as the Prime Minister of Sri Lanka. The parliamentarian was sworn in as the Prime Minister before President Gotabaya Rajapaksa today. In other news, the Russian ruble rose against the dollar again on Wednesday, as the Moscow Exchange reopened after a two-day holiday. LIVE | Sri Lanka crisis — Ranil Wickremesinghe appointed as new prime minister With the backing of the Sri Lanka Podujana Peramuna (SLPP) MPs, Ranil Wickremesinghe has accepted the post of Prime Minister. MP Wickremesingh lost the Parliamentary Elections in 2020 and later entered the Parliament through the single National List seat that was secured by the UNP. Finland 'one step closer' to joining NATO, Russia calls it a threat Responding to Finland’s move to join NATO, Kremlin on Thursday sounded a warning that their neighbour’s decision to join the US-led military alliance would “definitely” pose a threat to Russia. Despite sanctions, Russian ruble is the world's top performing currency in 2022 The ruble has recovered the majority of its losses, and Russia's capital controls have made it the best-performing currency in the world this year, while just a few people will benefit from the boom. Spain to ease abortion rules for over-16 women, introduce menstrual leave up to five days The Spanish government are currently in the process of drafting a law that will allow women over the age of 16 to have abortions without taking permission from their parents or guardian. Gallery | In Pics - Hit by drought, Las Vegas lake spits up skeletons of mafia victims Climate change is wreaking havoc on our planet. Heatwaves, toxic air, and dry river beds have become common news. But in Las Vegas, climate change has uncovered some very sordid secrets. Taj Mahal becomes most searched UNESCO World Heritage Site - See entire list There are 1,154 sites around the world which have been recognised by UNESCO for their architecture, importance and also cultural significance. The Taj Mahal was commissioned in 1632 by the Mughal emperor Shah Jahan and is well known for its majestic architectural genius. Deepika Padukone becomes Louis Vuitton's first Indian brand ambassador Deepika, 36, has become the first Indian brand ambassador of luxury brand Louis Vuitton. Padukone is part of LV's new campaign for its Dauphine bag. A super-long blood moon is gonna grace the skies soon. Here's how you can see it Skywatchers across the globe will get to witness an amazing spectacle - a long-lasting blood moon in a few days. It is a total lunar eclipse and will be fully visible from portions of the Americas, Antarctica, Europe, Africa and the East Pacific. Gallery | From Lionel Messi to Stephen Curry: Top 5 Forbes’ richest athletes of 2022 The Forbes Rich List for the year 2022 including some of the top-earning athletes in the world has been announced. Argentina captain Lionel Messi tops the elusive list with earnings of $130 million. Kashmir tourism breaks records, arrivals highest in 10 years With hotels and houseboats fully booked and tourists queuing up for shikara rides on the famous Dal Lake, Kashmir Valley is witnessing record-breaking tourist footfall in the past one decade.

Top 10 news: Wickremesinghe becomes Sri Lanka PM, Russian ruble is world's top performing currency and more

The ruble has recovered the majority of its losses, and Russia's capital controls have made it the best-performing currency in the world this year, while just a few people will benefit from the boom.

The ruble rose against the dollar again on Wednesday, as the Moscow Exchange reopened after a two-day holiday.&nbsp;

It has gained more than 11% versus the US dollar since the beginning of the year, surpassing the real's 9% rise to become the biggest gainer among Bloomberg's 31 major currencies. The offshore rate has risen considerably more, by roughly 12%.

The ruble's advances are the outcome of the government's efforts to safeguard the battered currency in the wake of Western sanctions.

In addition to the capital controls, Russia has demanded ruble payments for natural gas supplies from European countries, as well as requiring exporters to sell their foreign exchange holdings.

Watch | Gravitas: European Union states block sanctions on Russia oil

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-european-union-states-block-sanctions-on-russia-oil-476973/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<div class="videoWrapper trancodeVideo"> 
Nonetheless, the Kremlin's market manipulations have outpaced those of other countries like Argentina and Turkey, which attempted similar techniques.</div>

<div class="videoWrapper trancodeVideo">
Currency traders, on the other hand, are about to discontinue using the onshore exchange rate for some transactions since the tight capital controls have resulted in a wider spread than the offshore ruble rate.
</div>

Since June 6, the Trade Association for Emerging Markets has advised dealers to settle some derivative contracts using the WM/Refinitiv rate.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The ruble has recovered the majority of its losses, and Russia's capital controls have made it the best-performing currency in the world this year, while just a few people will benefit from the boom.

The ruble has recovered the majority of its losses, and Russia's capital controls have made it the best-performing currency in the world this year, while just a few people will benefit from the boom. The ruble rose against the dollar again on Wednesday, as the Moscow Exchange reopened after a two-day holiday. It has gained more than 11% versus the US dollar since the beginning of the year, surpassing the real's 9% rise to become the biggest gainer among Bloomberg's 31 major currencies. The offshore rate has risen considerably more, by roughly 12%. The ruble's advances are the outcome of the government's efforts to safeguard the battered currency in the wake of Western sanctions. In addition to the capital controls, Russia has demanded ruble payments for natural gas supplies from European countries, as well as requiring exporters to sell their foreign exchange holdings. Watch | Gravitas: European Union states block sanctions on Russia oil Nonetheless, the Kremlin's market manipulations have outpaced those of other countries like Argentina and Turkey, which attempted similar techniques. Currency traders, on the other hand, are about to discontinue using the onshore exchange rate for some transactions since the tight capital controls have resulted in a wider spread than the offshore ruble rate. Since June 6, the Trade Association for Emerging Markets has advised dealers to settle some derivative contracts using the WM/Refinitiv rate. WATCH WION LIVE HERE

Despite sanctions, Russian ruble is the world's top performing currency in 2022

The Russian invasion of Ukraine has officially entered its third month and although the Ukrainians have mounted a solid resistance, a lot of cities have already fallen to the marching Russian army.

The region of Kherson has been one of the regions where the Russian military was able to strengthen their position. The Russian military were able to withstand the resistance and on Tuesday, the defense ministry announced that the army has taken complete control over the region.

Also read |&nbsp;<a href="https://www.wionews.com/world/eu-calls-russian-move-to-cut-gas-a-blackmail-474482" hreflang="en">EU calls Russian move to cut gas a 'blackmail'</a>

An official from a pro-Russian committee has now told news agency RIA that the region will be using Russian ruble as their official currency from May 1. There has been a rise in the number of these committees who have taken over the administration of the region in the aftermath of the invasion.

Kirill Stremousov, who is part of the pro-Russian committee in Kherson, said that the transition will take around four months, but it will be put into circulation in the region with immediate effect.

Also read |&nbsp;<a href="https://www.wionews.com/world/russias-response-to-outside-intervention-will-be-lightning-fast-putin-on-ukraine-war-474481" hreflang="en">Russia's response to outside intervention will be lightning fast: Putin on Ukraine war</a>

According to the RIA report, the Ukrainian hryvnia will be used during the period of the transition, but the goal is to completely replace it with the ruble in the Kherson region within a few months.

Russia has taken over the administration of the region completely with a new mayor in place and the troops are currently positioned in the regional headquarters of the area. The Kherson region is quite important for Russia as it has a land link with Crimea and other Russian-backed parts of Ukraine.

WATCH |&nbsp;Russia cuts off gas supply to nations, 'Putin is trying to provoke a global price crisis'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-cuts-off-gas-supply-to-nations-putin-is-trying-to-provoke-a-global-price-crisis-474571/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

The Russian invasion of Ukraine has officially entered its third month and although the Ukrainians have mounted a solid resistance, a lot of cities have already fallen to the marching Russian army.

The Russian invasion of Ukraine has officially entered its third month and although the Ukrainians have mounted a solid resistance, a lot of cities have already fallen to the marching Russian army. The region of Kherson has been one of the regions where the Russian military was able to strengthen their position. The Russian military were able to withstand the resistance and on Tuesday, the defense ministry announced that the army has taken complete control over the region. Also read | EU calls Russian move to cut gas a 'blackmail' An official from a pro-Russian committee has now told news agency RIA that the region will be using Russian ruble as their official currency from May 1. There has been a rise in the number of these committees who have taken over the administration of the region in the aftermath of the invasion. Kirill Stremousov, who is part of the pro-Russian committee in Kherson, said that the transition will take around four months, but it will be put into circulation in the region with immediate effect. Also read | Russia's response to outside intervention will be lightning fast: Putin on Ukraine war According to the RIA report, the Ukrainian hryvnia will be used during the period of the transition, but the goal is to completely replace it with the ruble in the Kherson region within a few months. Russia has taken over the administration of the region completely with a new mayor in place and the troops are currently positioned in the regional headquarters of the area. The Kherson region is quite important for Russia as it has a land link with Crimea and other Russian-backed parts of Ukraine. WATCH | Russia cuts off gas supply to nations, 'Putin is trying to provoke a global price crisis' (With inputs from agencies)

Russian-controlled Kherson region of Ukraine to start using Ruble as official currency: Report

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