Indian daily: World need confront US dollar hegemony

Referring to the mechanism the European signatories of the nuclear deal pledged to devise for doing business with Iran, the Indian Express wrote Monday, 'They announced in January the establishment of a SPV (Instrument in support of Trade Exchange) (INSTEX ) to enable companies to trade with Iran without having to deal with dollar-based US banks.'

'Also, the threat would dilute if the countries decided to engage in barter, but this is not a sustainable alternative,' according to the report.

The Indian daily noted that the outcome of such strategies would be 'weakening America's stranglehold over the global financial system'.

The report describes Trump's policies as an 'imperious approach' to the world, focused only on his 2020 election goals.

The Indian Express highlights Washington's approach towards Iran as the best manifestation of Trump's negligence about the 'rest' of the world and urges prevention of any severe consequence through devising mechanisms for denying the US dollar privilege.

Trump in May 2018 announced the US unilateral withdrawal from the nuclear deal Washington had signed with Iran three years earlier, and imposed economic sanctions on Tehran. As a result, many oil buyers, including India as a major customer, were banned from buying Iran's crude.

The European parties to the deal; however, emphasized their commitment to it and sanctions relief as a major part of the deal, pledging that they would provide mechanisms for evading the restrictions caused by the US.

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