The United Arab Emirates has begun talks with the United States on providing a financial "safety net" should a war with Iran plunge the oil-rich Gulf state into a deeper crisis.
Modern.az reports with reference to foreign media that UAE officials also noted that President Trump's decision to strike Iran dragged their country into a devastating conflict, the consequences of which are still ongoing. The Emirates warned that if there is a shortage of dollars, the country may switch to using the Chinese yuan or other currencies in oil trade and payments.
This scenario poses an indirect threat to the dominance of the US dollar, which largely maintains its global leadership in oil transactions.
