2 BRICS Countries Settle Oil Trade in Local Currency, Ditch US Dollar
The BRICS alliance is advancing by putting local currencies at the forefront of global trade, not the US dollar. The newly joined members of the bloc, Saudi Arabia and the UAE are partnering with existing members India, China, and Russia to settle oil trade in local currencies. First and foremost, India purchased 1 million barrels of oil from the UAE and settled the transaction with the Rupee. The Indian Oil Corporation (IOC) initiated the payment in Rupees with the UAE’s National Oil Company (ADNOC). Also Read: U.S. Has More Gold in Reserves Than All of BRICS Combined Secondly, India initiated another trade deal by purchasing gold worth $1.7 million from the UAE. All the deals between the two BRICS members occurred in mid-August of this year. Thirdly, India and Saudi Arabia are discussing ways to conduct business without the US dollar. India and Saudi Arabia have initiated talks to settle trade in local currency, ending their reliance on the US dollar. It is reported t...