The unprecedented financial sanctions imposed on Russia after its invasion of Ukraine threaten to gradually dilute the dominance of the US dollar and result in a more fragmented international monetary system, a top official at the IMF has warned. Gita Gopinath, the IMF’s first deputy managing director, said the sweeping measures imposed by western countries following Russia’s…

A system allowing direct rupee-ruble payments in trade between Russia and India could be launched this week, the president of the Federation of Indian Export Organizations (FIEO), A Sakthivel, told CNBC on Wednesday. The arrangement would allow India and Russia to carry out financial operations bypassing the US dollar. Russia is effectively blocked from using…

Goldman Sachs chief economist Jan Hatzius warned Washington that rising oil prices are going to send the US economy into a downward spiral. He stated that “it would take a sustained oil price increase to $200 per barrel to produce an income shock similar in magnitude to those that precipitated the 1974 and 1979 recessions”,…

With an estimated 174 container ships held up outside the key Chinese ports of Shanghai and Shenzhen, fears are growing that the highest congestion rates in five months will cause significant US supply chain delays. The escalating congestion comes amidst China’s stricter Covid lockdown regulations, which experts fear could hit Shanghai port operations.

Oil is set to surge to $120 a barrel as the Ukraine conflict rocks energy markets, Morgan Stanley’s chief commodities strategist has predicted. Crude oil prices will then stay around the $100 mark for the whole of 2023, Martijn Rats told Insider. The war in Eastern Europe will mean Russian oil production will fall by…

Auto market data provider S&P Global Mobility said on Wednesday that the shortages hampering global vehicle production are expected to persist into 2022 before supply catches up with demand in early 2023. The agency has downgraded its outlook for world light-vehicle output by 2.6 million units for both years, to 81.6 million for 2022 and…

The Reserve Bank of India is apparently preparing for a rupee-ruble link-up with Moscow that would theoretically allow the two countries to evade US-imposed sanctions and trade. According to Russia’s embassy in India, Moscow and New Delhi had methods of “co-operation and transactions independent of western financial mechanisms”, and that it was a “question of…

P&O Ferries has sacked 800 staff immediately, but some crew are defying orders and refusing to leave their ships in protest. Workers were told the news on a video call. The firm said it was a “tough” decision but it would “not be a viable business” without the changes. Union RMT said crewmembers were being…

(FNA)- With Russia now officially cut off from both the US dollar and the euro, the state-owned VTB Bank has offered its clientele the opportunity to open Chinese yuan savings accounts that yield a maximum interest rate of 8%. The country’s second-biggest bank has been hit by the Western sanctions aimed at the total financial…

Shoppers in the UK have been warned that new rules coming into place on March mean some cards could soon be declined at the checkout. New changes are coming into place that will see cards declined if you can’t prove the correct person is making the payment. The changes will impact everyone who banks or…