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Not every country is falling in line with the BRICS agenda of replacing the US dollar with local currencies for oil. Settling oil payments in local currency poses a significant risk that can affect a country’s foreign exchange reserves. Oil settlements have been historically paid in the US dollar as the currency controls the global flow of the sector. Also Read: India Conveys to BRICS: ‘We Will Not Ditch the US Dollar’ Even Saudi Arabia, which announced that it would accept local currencies for oil payments has only been receiving the US dollar for transactions. Only a few trades have been settled in local currencies while the majority of them are backed by the greenback. BRICS is finding it hard to convince other countries to use local currencies for oil trade and not the US dollar. Also Read: BRICS to Launch Gold-Backed Stablecoin To Challenge the US Dollar? BRICS: Nigeria Rejects Local Currency for Oil, Wants the US Dollar Source: seekingalpha.com / Arseniy45 Oil marketers and ...

Russia and Iran will sign a comprehensive defense deal defying the West and usher into a new era of strategic cooperation. The two countries plan to solidify their military relations and will settle the defense deal in local currencies and not the US dollar. The White House pressed sanctions on both Russia and Iran, and both countries are unable to use the US dollar. Both nations will depend on local currencies for cross-border transactions and further their security cooperation. Also Read: De-Dollarization: 12 Countries Officially Abandon the US Dollar The partnership indicates a changing landscape in the Middle East where Russia is extending friendly ties in the region. The paradigm shift in the geopolitical terrain makes Russia prime for partnerships with Middle Eastern nations. Most of the deals that Russia inks make local currencies the center of all transactions and not the US dollar. The development makes emerging economies gain through sanctions despite the West trying to suffo...

After BRICS, a new alliance has kick-started the de-dollarization process and is using local currencies for trade and not the US dollar. The Commonwealth of Independent States (CIS), which consists of 12 countries, has settled 85% of cross-border transactions in national currencies. The CIS bloc, barely used the US dollar for trade settlements this year ushering into a new financial landscape. Also Read: BRICS Make De-Dollarization New Member Entry Rule The development is adding pressure on the US dollar as both BRICS and CIS are indulging in de-dollarization initiatives. The CIS consists of 12 countries including Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. Also Read: BRICS: 4 Reasons Ditching the Petrodollar Could Doom the US BRICS: CIS Alliance Consisting of 12 Countries Ditch the US Dollar, Use Local Currencies For 85% Transactions Source: Presidential Press Service BRICS member Russia convinced t...

The government of Maldives confirmed that BRICS members India and China have agreed to accept local currencies for imports and ditch the US dollar. Cross-border transactions in local currencies benefit developing countries and strengthen their native economies. Maldives said that India and China will cooperate in facilitating payments for imports in local currencies sidelining the US dollar. The new import trade deal between the three nations falls in line with the BRICS idea of de-dollarization. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: 3 Ways BRICS Currency Will Affect the U.S. Dollar BRICS: Imports Between India, China & Maldives To Be Settled in Local Currency, Not US dollar Source: East Asia Forum The Maldives ’ Economic Development Minister Mohamed Saeed confirmed the development that local currencies will be used for import trade. Both India and China will accept or pay 50% of all im...

The US dollar is hammering its way to the top outperforming every leading currency in the world, including that of BRICS nations. 11 leading global currencies have fallen against the US dollar from year-to-date in 2024. Also Read: 40 Countries Ready To Join BRICS in 2024 The spike comes when BRICS and other developing countries are looking to uproot the US dollar as the world’s reserve currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Despite the dangers of de-dollarization, the US dollar outpaced all currencies making them dip to new lows. The development indicates that bringing the US dollar down is a herculean task that cannot be achieved for now. Also Read: BRICS: China Dumps $74 Billion in US Treasuries 11 Currencies Fall Against the US Dollar, Including That of BRICS Source: Freepik.com From the year to date in 2024, the US dollar outshines nearly 11 curre...