⏺UAE may abandon the dollar in oil transactions



Amid the conflict with Iran, the Emirates have begun negotiations with the US about possible financial support. Authorities acknowledge: the situation is currently under control, but if it worsens, a "financial cushion" may be needed.

The main risk is the Strait of Hormuz. In Abu Dhabi, there are concerns about pressure on reserves and capital outflows, and they also believe that US actions have pulled the country into a crisis with unpredictable consequences.

If dollar liquidity is insufficient, the UAE considers switching to transactions in yuan or other currencies. This scenario already appears less like theory and more like a potential blow to the dollar's position in the oil market.
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