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Economy

China, Russia and EU edge away from petrodollar

Rise of US unilateralism raises concern about relying on greenback for oil trade

SHANGHAI/TOKYO -- The exclusivity of the U.S. dollar as a vehicle for global crude oil trading is increasingly being challenged by other currencies.

China, caught in a trade war with the U.S., is expanding oil trading denominated in yuan, while Russia and the European Union are also seeking to reduce their dependence on the dollar for payments for oil. Awareness of risks stemming from heavy reliance on the dollar is growing now that the U.S. government has reimposed sanctions against Iran including on its oil exports.

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