BRICS India Ditches US Dollar in Historic Oil Deal with UAE
In a landmark move signaling a shift in global economic power, India has ditched the US dollar in a historic oil deal with the United Arab Emirates (UAE). This follows the BRICS expansion and underscores the growing trend of nations exploring alternatives to the dollar for international trade.
India Bought 1 Million Barrels of Oil Using Rupees
India's bold step saw India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars. The Indian Oil Corp settled a payment in rupees with the UAE. This marks a significant departure from the traditional dominance of the US dollar in oil transactions and highlights the increasing importance of local currencies in global trade. As Yahoo reported, India has purchased 1 million barrels of oil in this groundbreaking deal.
UAE Leading the Way in De-Dollarization
The UAE has already initiated oil trade deals in local currencies by sidelining the U.S. dollar with BRICS member India. Over 1 million barrels of oil were shipped to India by The UAE. This strategic shift positions the UAE as a key player in the de-dollarization movement and strengthens its ties with the BRICS nations.
Implications of the India-UAE Oil Deal
Following the BRICS expansion, India has once again ditched the US dollar in a historic oil deal with the UAE. This deal, celebrated by figures like Faith Nyasuguta, signifies a growing trend of countries seeking greater economic independence and exploring alternative payment mechanisms. While some sources initially suggested XRP, The UAE became a part of this deal in local currencies, it is confirmed that the settlement involved rupees, marking a significant precedent for future trade relations. This historic oil deal with the United Arab Emirates.
Looking Ahead: A New Era for Global Trade?
The move by India and the UAE could encourage other nations to explore similar arrangements, potentially reshaping the global financial landscape and diminishing the US dollar's dominance. This deal is a clear indicator that the BRICS nations, and others seeking alternatives to the US dollar, are serious about establishing a new economic order.