The Russia-led Eurasia Economic Union and China just agreed to design the mechanism for an independent financial and monetary system that would bypass dollar transactions.
“The Eurasian Economic Union (EAEU) and China agreed to design the mechanism for an independent international monetary and financial system.”Say hello to Russian gold and Chinese petroyuan. https://thecradle.co/Article/columns/7975
The Eurasian Economic Union: Deals, Rules and the Exercise of Power
Regardless of its multiple shortcomings, the Eurasian Economic Union (EAEU) should not be dismissed out of hand. For Russia, it is the primary vehicle for realizing a global geopolitical agenda.
Chatham House Research Paper. https://www.chathamhouse.org/2017/05/eurasian-economic-union
Russia and China, Together at Last: At the core of recent conflicts is an entente between China and Russia that the world hasn’t seen since the start of the Cold War.
“At their February 4 meeting, Putin and Xi drew on 37 prior encounters to proclaim nothing less than an ad-hoc alliance meant to shake the world. As the foundation for their new “global governance system,” they promised to “enhance transport infrastructure connectivity to keep logistics on the Eurasian continent smooth and…make steady progress on major oil and gas cooperation projects.” These words gained weight with the announcement that Russia would spend another $118 billion on new oil and gas pipelines to China. (Four-hundred billion dollars had already been invested in 2014 when Russia faced European sanctions over its seizure of Crimea from Ukraine.) The result: an integrated Sino-Russian oil-and-gas infrastructure is being built from the North Sea to the South China Sea.”Russia and China Together at Last. https://www.thenation.com/article/world/russia-and-china-together-at-last/