UAE raised short term dollar loan from US, threatened to use Chinese Yuan in oil sales: Report

In a high-stakes financial gambit, the UAE sought a US dollar lifeline while hinting it could price oil in Chinese Yuan, testing the foundations of the petrodollar system. | Contesto: cronaca

Punti chiave

• UAE raised short term dollar loan from US, threatened to use Chinese Yuan in oil sales: Report

Contesto

The United Arab Emirates has formally requested a US dollar currency-swap line from American authorities as a precaution against economic fallout from the ongoing US-Israeli war on Iran, while simultaneously suggesting it could abandon the petrodollar for the Chinese Yuan in its oil sales. The request, described as preliminary, was made by UAE Central Bank Governor Khaled Mohamed Balama in meetings last week with US Treasury Secretary Scott Bessent and Federal Reserve officials, according to a Wall Street Journal report. The move represents a direct appeal for a financial backstop from one of Washington's closest Gulf allies, even as it signals a potential seismic shift in global energy finance. The UAE's proposal centers on a currency-swap agreement, a mechanism typically used to provide foreign central banks with access to US dollars during periods of financial strain. For the UAE, whose currency, the Dirham, is pegged to the dollar, guaranteed access is critical for repaying debt and purchasing imports. However, analysts interpreting the request noted it was coupled with a subtle but clear warning: if such a safety net is not provided, the Emirates might be compelled to conduct its oil sales and other transactions in Yuan or other non-dollar currencies. This strikes at the heart of the petrodollar system, where Gulf oil sales in dollars recycle vast sums back into US Treasury bonds and other assets, underpinning the dollar's global reserve status. The request has puzzled many financial observers given the UAE's immense wealth. The Abu Dhabi Investment Authority, the country's largest sovereign wealth fund, manages approximately $1 trillion in assets, and the central bank holds an estimated $270 billion in reserves. Brad Setser, a former US Treasury economist now at the Council on Foreign Relations, called the appeal "slightly strange" given these deep pockets. He suggested the Trump administration would be unlikely to agree, stating, "There isn't anything obviously 'America first' about a financial lifeline to one of the richest oil sheikdoms (if not the richest) just so it doesn't have to borrow in the market [or] sell assets." Setser and other analysts...

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