De-Dollarization is Advancing and Begins With Oil: BRICS

BRICS nations are intensifying de-dollarization efforts by settling oil and gas trades in local currencies, threatening the dominance of the U.S. dollar. Ahead of the BRICS summit in Johannesburg, the alliance aims to leverage oil, a global trade linchpin, to promote local currencies. India notably settled crude oil transactions in Rupees with the UAE, while France and Russia have begun transacting in the Chinese Yuan for gas and oil trades respectively. With Saudi Arabia considering the Yuan for oil settlements and eight Arab nations keen to join BRICS, the U.S. dollar’s supremacy in global trade could face significant challenges.