Connect with us


Are EU, China Look To Break-Free From The US Dominance and Monopoly?



Are EU and China agitated by the annoying US dominance? The world is trying to break free of US dominance and this, the United States is countering with aggressive sanctions. Washington is known to set rules and the world following, but this is now slowly changing as various governments from the EU to China have announced initiatives to break free.

The US dollar runs the world and legitimate businesses cannot risk it. This became evident when Total decided to stop operating in Iran. Sources say that US banks were involved in over 90 per cent of its financing with American shareholders owning over 30 per cent of its shares. In a press statement, the company said it could not ‘afford to be exposed to any secondary sanction’. Another example is the SWIFT payment messaging system, it suspended sanctioned Iranian banks, saying that it was done in the interest of stability and integrity of the wider global financial system.

Euro to Counteract US Dollar

Countries and nations cannot counteract US’s sanctions, thus pushing for structural changes. FP reported, “European Commission President Jean-Claude Juncker has argued that the Euro should become a global reserve currency to reduce financial dependence on the United States.” The EU has additionally called for a special-purpose vehicle that would facilitate trade with Iran in a formalized barter system. This would offer new economic opportunities to Iran to incentivize its continued participation in the nuclear deal.

In the year 2008, during the global financial crisis, policymakers from French President Nicolas Sarkozy to the People’s Bank of China Governor Zhou Xiaochuan called for a system beyond the US leadership. But the US solidified its central role and continues to be the ‘Global Financial Leader’.

The Cunning Duo – China and Russia

After the crash, London collaborated with Beijing. FP highlights that in 2012, London launched its ‘RMB initiative’ to increase its Chinese exposure and smooth market frictions for Chinese customers. Big Ben’s city has also reached out to Russia, one expert calling it a ‘red money carpet’ for Russian money. But it didn’t go down well with the US.

China and Russia are actively looking to exploit the growing divide between London and Washington on sanctions. Beijing has stood up strongly to US’s economic threats, and it has made it very clear that it will continue to import Iranian oil, only partially complying with US sanctions. Experts are of the opinion that “if China could count on more cooperative London, with its key financial services, to circumvent US jurisdiction, it could seriously damage the US sanctions edifice.

The US is a tough nut to crack. It stands strongly on its own. Countries and governments give into its helplessly as they cannot dislodge the world power from the centre of the global financial system. But experts are keenly awaiting UK-China ties to try. Probably in the near future, US might just meet its match.

Other News at EurAsian Times




israel-palestine israel-palestine
Featured8 hours ago

Why Soviet Russia At Its Prime & Host Of Arab Nations Could Never Overpower A Tiny Israel?

Israel may be a small country but it fields one of the most capable military forces in the world. It...

saudi-uae saudi-uae
Featured14 hours ago

Pakistan Claims ‘Big Victory’ Over India After Saudi, UAE Led OIC Adopts Surprise Resolution On Kashmir

Amid the reports that the Organisation of Islamic Cooperation (OIC) meeting in Niger was abandoning the Kashmir issue, the foreign...

Featured16 hours ago

HAL Developed World’s Lightest Attack Helicopter A Stepping Stone For Indian Pilots Towards Apache Choppers

As India looks to induct its indigenous Light Combat Helicopter (LCH) into its armed forces, Indian Air Force (IAF) chief,...

Featured16 hours ago

Pakistan Buying Mini Drones From Turkey To Bolster Its Border Offensive Against India – Reports

To enhance surveillance on the border and fast-track weapons dispatches on the Indian side of Kashmir, Pakistan is roping in...

Apache-Helicopter Apache-Helicopter
Featured16 hours ago

As British Army Goes For A Massive Overhaul It Receives First Two AH-64E Guardian Gunships Helicopters

The British Army has just received its first AH-64E Apache ‘Guardian’ helicopter gunships and would start the replacement of the...

Armata-Tank Armata-Tank
EurAsian Region20 hours ago

Russian Media Claims Its T-14 Armata Tanks Are Capable Of Operating On Mars With New Engines

Russia’s T-14 Armata main battle tanks will be able to operate in temperatures as low as -50 degrees Celsius with...

F18-India-Deal F18-India-Deal
Asia Pacific22 hours ago

Doors Open For More Rafale Fighter Jets, F-18 Super Hornets After Another MiG-29 Goes Down

Thursday’s crash of the Indian Navy’s MiG-29K trainer aircraft in the Arabian Sea has once again revived the debate whether...

Asia Pacific22 hours ago

Xi’s China Eradicates Absolute Poverty; Where Does Modi’s India Stand?

Amid the Covid-19 pandemic, China has reportedly achieved its long-standing goal of ending absolute poverty. However, there have been no...

Iranian-Islamic-Revolutionary-Guards Iranian-Islamic-Revolutionary-Guards
Featured23 hours ago

Israel-Iran War: Why Israel & US Are ‘Keenly Awaiting’ Iran’s Retaliation After Top Nuclear Scientist Assassinated?

Iranian President Hassan Rouhani directly accused Israel of assassinating Mohsen Fakhrizadeh, the Islamic country’s prominent nuclear scientist. He, however, added...

Russia-China Russia-China
Featured1 day ago

Are Russia & China Taking A Lead From NATO & Working To Develop A Joint Nuclear Powered Aircraft Carrier?

China and Russia’s common adversary, the US, has brought the two powers together and have cooperated by carrying out joint...