Ever since the Israel/Trump bombing Brigade started in Iran, the winner from unintended consequences is none other than Putin.
Huh?
If you recall, Trump lightened the sanctions against Russia – and against Iran – to hopefully ease the strain from the Hormuz blockade.
As a result, it was just announced that India Buys 60 Million Barrels Of Russian Oil, As Refiners Increasingly Transact In Yuan, Dirham.
Bloomberg reports that the cargoes were booked at premiums of $5 to $15 a barrel to Brent.
The volume is similar to the number of purchases for this month, but more than double than that for February, according to data intelligence firm Kpler.
Separately, Bloomberg also reports that Indian refiners are increasingly settling purchases of Russian oil in alternative currencies, as they seek to reduce reliance on the dollar amid rising geopolitical tensions and shifts in US policy.
Transactions are being carried out by depositing Indian rupees into special overseas bank accounts held by Russian sellers which are then being converted into UAE’s dirham or the Chinese yuan.
The trades are being facilitated by Indian banks with limited offshore presence.
From Unintended Consequences
Adding insult to injury to the petrodollar, in addition to the dirham and yuan, firms are also considering the Singapore dollar and Hong Kong dollar, though transactions depend on individual banks’ comfort levels.
(Petro dollar weeping in the background)
The phrase: “Someone’s disaster is someone else’s windfall” comes to mind here.
Translation: Russia is laughing all the way to the bank.
Meanwhile, rumor has it that Japan is the only nation willing to send help to remove the blockade in Hormuz.
In a weird sort of way you could say Putin wants to prolong this war as long as possible so Russia can rake in the $$$$$.
Do the math… India must feed 1.5 billion people.
They have no option but to buy oil and gas from any source they find.
Extra revenues = more military equipment for Russia as they watch the s**t show continue in the Middle East.
