Earlier, the e-commerce giant, Amazon stopped accepting payments from Visa cards in the UK citing “high fees” of the financial services corporation. Visa condemned the decision accusing the company of “restricting consumer choice”. Several global fashion retailers have filed legal complaints against the world’s two major financial services companies over their fees for... 

An American economist says the political tensions between Washington and Moscow will speed up the demise of the US dollar in international transactions. “The political tensions between the United States and Russia has increased or speeded up the process of which nations are doing business between countries instead of dollars and doing it with their local currencies,” Mark Thornton, Senior Fellow... 

The yuan has replaced the euro to become the second most widely used currency in global trade in 2013, according to the SWIFT network responsible for international financial transactions. The share of the yuan in global trade finance has jumped from 1.89 percent in January 2012 to 8.66 percent in the form of letters of credit and collections in October 2013, the Society for Worldwide Interbank Financial... 

The U.S. Senate passed unanimously an amendment to its budget resolution on Saturday, March 24, which supported attempts to block Iran’s access to its foreign exchange reserves and limit Iran’s ability to transact in Euros. The amendment, proposed by Republican Mark Kirk of Illinois and Democrat Joe Manchin of West Virginia, follows a letter sent last month to European Council leaders by U.S.... 

An MP who represents the United Russia majority party has prepared legislative amendments that would make the Russian ruble the only valid currency in the country, and put an end to dependency on the US dollar and the Euro. Yevgeniy Fyodorov described the initiative in an interview with the Izvestia daily newspaper. He promised that the proposed bill would be made public in autumn, and declined to...