India is locking in a deal with Russia that will enable the nation to purchase commodities (e.g., oil, gas) using Rupees and Rubles.
The deal is in direct defiance of US sanctions against Vladimir Putin, as it requires all US allies work together to economically isolate Russia in the wake of their invasion of Ukraine.
The deal also strikes to the very heart of the Petro-Dollar system, in place since the 1970s, which stipulates that all trade in oil and gas be made in US dollars. This system has boosted the value of the dollar since all countries must acquire it to make purchases for necessary commodities.
Biden has yet to level any retaliatory sanctions against India but has threatened countries, like China, with devastating consequences if they aid Russia in any way.
As news of the trade deal broke, the US Senate – led by President Biden’s Democrats – endorsed changes to the so-called “COMPETES” Act, which would undoubtedly reward India with even more work Visas. In fact, the bill invents a brand new class of Visas (i.e., W), a new addition to a veritable Alphabet soup of current Visa programs.
The move left some long-time observers of immigration legislation shaking their heads. “It’s yet another case of our country shooting ourselves in the foot – at a time when we desperately need to act in our own self interest,” said one deflated activist. “The sad thing is that this will end up hurting minorities in this country, more than anyone else.”