Is the petrodollar monopoly about to be shattered? When U.S. politicians started slapping economic sanctions on Russia, they probably never even imagined that there might be serious consequences for the United States. But now the Russian media is reporting that the Russian Ministry of Finance is getting ready to pull the trigger on a “de-dollarization” plan. For decades, virtually all oil and... 

Ukraine’s interim Prime Minister Arseniy Yatsenyuk Ukraine has accused Russia of stealing energy resources in Crimea and threatened to take Russia to court over its recent gas price increases. On Tuesday, Ukraine’s interim Prime Minister Arseniy Yatsenyuk said that the Ukrainian government would take Russia to court unless it agreed to a gas supply contract based on market prices. He also said... 

Newly-released data show the industrial output in the UK and Italy, the second and the fourth largest European economies respectively, has fallen in March. The UK’s Office for National Statistics said on Friday that Britain’s industrial output declined by 0.1 percent for the month. The figure is considered a major drawback since the country saw a 0.8 percent growth in the previous month. This... 

With Switzerland and Singapore joining 47 countries that have agreed to share data and tax information, tax evaders are likely to move to what is currently considered emerging frontier markets, Mike Ingram, market strategist from BGC Partners, told RT. On May 6, 34 members of the Organization for Economic Cooperation and Development (OECD) and 13 other countries signed a groundbreaking agreement on... 

Many Greek-Americans naively assume that the Greek Politicians running Greece are simply “mismanaging” Greece. They assume that what has happened to Greece is the result of “poor business decisions” rather than a calculated planned destruction of our national autonomy. They want to assume that every Greek means well regardless of these “mistakes”. This video will prove them wrong. This... 

Under Secretary for Terrorism and Financial Intelligence David S. Cohen The US Treasury Department says a top official is heading to Europe this week to discuss a possible new round of sanctions against Russia. Under Secretary for Terrorism and Financial Intelligence, David S. Cohen will visit Germany, France and Britain to examine more severe sanctions against Russia in talks with European partners,... 

Russia has filed a lawsuit with the World Trade Organization (WTO) over the EU’s so-called ‘Third Energy Package,’ according to media reports. “This procedure is provided for in the rules of the Organization,” a source said, adding that “Russia sent a note to the EU Mission at the WTO and notified the WTO Secretariat thereof,” Itar-Tass news agency reported. A second news... 

Mainstream financial pundits are falling over themselves today following a report from the Labor Department indicating that the national unemployment rate has fallen yet again, this time to just 6.3%. The Associated Press, whose report on the new rate is being distributed to news services around the country, says this is “the strongest evidence to date that the economy is picking up.” They cite... 

Denmark’s strict immigration laws have saved the country 6.7 billion euros, a government report has claimed. Even though Denmark already has some of the toughest immigration laws in Europe, right-wing patriotic politicians are now trying to make them even more restrictive. Denmark’s strict immigration laws have saved the country billions in benefits, a government report has said. The Integration... 

US President Barack Obama and German Chancellor Angela Merkel have called on Russia to de-escalate immediately the crisis in Ukraine or face the consequences of devastating new sanctions. “If in fact we see the disruptions and the destabilization continuing so severely that it impedes elections on May 25, we will not have a choice but to move forward with additional… severe sanctions,”... 

The International Monetary Fund has approved a two-year $17.1 billion loan package for Ukraine. The immediate disbursement of $3.2 billion will allow Ukraine to avoid a potential debt default. The IMF’s 24-member board agreed to the two-year program to aid Ukraine’s troubled economy on Wednesday. The approval gives the green light for the immediate release of $3.2 billion to Ukraine, which will... 

Russia says it reserves the right to take appropriate action if the West continues its anti-Moscow moves with regard to the crisis in Ukraine. Speaking at a news conference in the Chilean capital Santiago on Wednesday, Russian Foreign Minister Sergei Lavrov said, “We want to give our fellow governments the opportunity to calm down.” Lavrov, however, noted that if the West continues its actions,... 

A new study has found that China is rapidly moving ahead to overtake the United States as the world’s largest economy as soon as this year. The new finding by the International Comparison Program (ICP), which involves the World Bank and United Nations, said on Wednesday that China in 2011 closely followed the US that has been dominating the world economy for over a century. “The size of the Chinese... 

An ominous new report prepared by the Ministry of Finance (MoF) on President Putin’s order yesterday to accelerate the opening of the St. Petersburg Exchange (SPE), where prices for Russian oil and natural gas will be set in rubles instead of US dollars, is warning that this “catastrophic blow” to the petrodollar amounts to nothing less than “all-out war” against the West and that an “Armageddon... 

Russia says Ukraine’s failure to pay its growing gas debt may impact gas delivery to European countries. Russia’s Energy Minister Alexander Novak said on Saturday that Moscow may be forced to cut off natural gas supplies to Europe over Ukraine’s mounting unpaid gas debt. According to Novak, Ukraine currently owes Russia over USD 2.230 billion in unpaid gas bills and the debt is to rise, as the...