The UAE has reportedly threatened that it could shift to the Chinese currency in oil trade as it presses Washington for a financial backstop
The United Arab Emirates has warned the US Treasury that it could be “forced to use Chinese yuan” in oil trade, the Wall Street Journal reported on Sunday.
UAE Central Bank Governor Khaled Mohamed Balama delivered what the newspaper described as an “implicit threat” against the dollar’s dominant position during a meeting with US Treasury Secretary Scott Bessent in Washington last week, the outlet said, citing unnamed US officials.
Balama reportedly explained that Abu Dhabi could require a lifeline to prevent a dollar liquidity crunch if the economic fallout from the US war against Iran continues to rise.
Tehran has pursued a strategy of asymmetric pressure aimed at raising costs for Washington and its allies. The UAE bore the brunt of Iranian retaliation against US military bases and other high-value locations, with over 2,800 drones and missiles reportedly fired at the country.
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