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Amid the BRICS’ ongoing de-dollarization efforts, yet another country has announced its intention to ditch the US dollar in its oil trade. The economic alliance has The United Arab Emirates (UAE) is asking BRICS countries to settle oil trade in local currencies and not the U.S. dollar. The Middle Eastern nation is aiming to diversify its economic Yet, amid that expansion, the BRICS bloc’s hope of ditching the US dollar in global oil trade could face a major roadblock. Specifically, through the connection that Saudi Russia and Iran’s decision to abandon the US dollar for their trade agreements aligns seamlessly with the broader strategy of the BRICS bloc, which has long The BRICS group's campaign to replace the US dollar with local currencies in oil transactions is meeting stiff resistance from both member and prospective member nations Calls for a global shift away from dollar dominance are not new, nor are they unique to BRICS, but experts say recent geopolitical shifts and growing tensions between the Discover how BRICS nations are reshaping the global financial system by reducing reliance on the US dollar. Key initiatives include digital payments, trade in national Yet, amid that expansion, the BRICS bloc’s hope of ditching the US dollar in global oil trade could face a major roadblock. Specifically, through the connection that Saudi Arabia has long had New York, Oct 15 (IANS) With the BRICS emerging as a major trading bloc with its expansion of six more countries, including Saudi Arabia, since the last South African meet, question

BRICS Ditching US Dollar in Oil Trade Faces Major Roadblock: De-Dollarization Efforts Stall?

Amid the BRICS’ ongoing de-dollarization efforts, yet another country has announced its intention to ditch the US dollar in its oil trade. The economic alliance has seen increasing momentum, with calls for a global shift away from dollar dominance. However, the BRICS group's campaign to replace the US dollar with local currencies in oil transactions is meeting stiff resistance from both member and prospective member nations.

UAE Seeks Local Currency Oil Trade within BRICS

The United Arab Emirates (UAE) is asking BRICS countries to settle oil trade in local currencies and not the U.S. dollar. The Middle Eastern nation is aiming to diversify its economic ties, aligning with the BRICS’ ambition to reduce reliance on the dollar. Discover how BRICS nations are reshaping the global financial system by reducing reliance on the US dollar. Key initiatives include digital payments, trade in national currencies, and promoting alternative financial mechanisms.

Saudi Arabia's Connection Creates a Hurdle

Yet, amid that expansion, the BRICS bloc’s hope of ditching the US dollar in global oil trade could face a major roadblock. Specifically, through the connection that Saudi Arabia has long had with the US, particularly its financial ties, presents a significant challenge. Saudi Arabia, Russia and Iran’s decision to abandon the US dollar for their trade agreements aligns seamlessly with the broader strategy of the BRICS bloc, which has long advocated for reduced dollar dependence.

Stiff Resistance and Geopolitical Tensions

Calls for a global shift away from dollar dominance are not new, nor are they unique to BRICS, but experts say recent geopolitical shifts and growing tensions between the US and other global powers have accelerated this trend. New York, Oct 15 (IANS) With the BRICS emerging as a major trading bloc with its expansion of six more countries, including Saudi Arabia, since the last South African meet, question marks arise about the feasibility of a complete shift away from the dollar. Yet, amid that expansion, the BRICS bloc’s hope of ditching the US dollar in global oil trade could face a major roadblock. Specifically, through the connection that Saudi Arabia has long had with the US economy, it may be difficult to completely sever ties.

Can BRICS Overcome the Roadblock to De-Dollarization?

The question remains: Can the BRICS nations overcome this major roadblock and successfully de-dollarize their oil trade, or will the established financial order prove too difficult to dismantle?

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