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Yellen Shrugs As India's Oil Deals With Russia Threaten Petrodollar Dominance

• by Tyler Durden

Well, we hate to say it but she may have just 'cursed' something even more ominous this time, saying, when asked for comment about the increase in non-dollar trade around the world since US sanctions began:

"I don't think the dollar has any serious competition, and is not likely to for a long time."

The reason the question of the dollar's ongoing dominance is growing louder is simple - as Reuters reports, US-led international sanctions on Russia have begun to erode the dollar's decades-old dominance of international oil trade as most deals with India - Russia's top outlet for seaborne crude - have been settled in other currencies.

India is the world's number three importer of oil and Russia became its leading supplier after Europe shunned Moscow's supplies following its invasion of Ukraine begun in February last year.