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TEHRAN (Tasnim) – BRICS members Russia, China and India have reduced their use of the US dollar in their trade by 95% which shows a sign of BRICS' growing efforts Amid the greater de-dollarization efforts of the BRICS economic alliance, India has taken a major step to ditch the US dollar in the oil trade. Indeed, Bloomberg reports India and Indonesia have officially agreed to ditch the US dollar for cross-border trade. The two BRICS nations will now conduct transactions using their national BRICS member India has reportedly purchased oil from the United Arab Emirates using its national currency for the first time ever. In July, reports surfaced that India According to a report from Hindu BusinessLine, which cited an anonymous source, India is leaning towards accepting the proposal to conduct trade using national Amid the greater de-dollarization efforts of the BRICS economic alliance, India has taken a major step to ditch the US dollar in the oil trade. Indeed, Bloomberg reports that the Reserve Bank of Following the BRICS expansion, India has once again ditched the US dollar in a historic oil deal with the UAE. Specifically, Yahoo reported that India has purchased 1 :- In a bold move set to reshape global trade dynamics, the BRICS bloccomprising Brazil, Russia, India, China, and South Africahas announced a significant step toward India and Indonesia, two key members of the BRICS alliance, have officially agreed to abandon the US dollar for cross-border transactions, opting instead to settle trade in

BRICS India Takes Major Step to Ditch US Dollar in Oil Trade: A New Era of De-dollarization

The global landscape is shifting, and the BRICS alliance is leading the charge toward de-dollarization. India, a key BRICS member, has taken a significant step in this direction, signaling a move away from the US dollar in crucial oil trade agreements.

India's Historic Oil Deal Without the Dollar

Following the BRICS expansion, India has once again ditched the US dollar in a historic oil deal with the UAE. Specifically, Yahoo reported that India has purchased 1 :- In a bold move set to reshape global trade dynamics, the BRICS bloccomprising Brazil, Russia, India, China, and South Africahas announced a significant step toward this transition.

BRICS' Growing Efforts to Reduce Dollar Dependence

TEHRAN (Tasnim) – BRICS members Russia, China and India have reduced their use of the US dollar in their trade by 95% which shows a sign of BRICS' growing efforts. This dramatic reduction highlights the growing momentum within the BRICS nations to reduce their reliance on the US dollar and foster greater economic independence.

India and Indonesia Lead the Way in Cross-Border Trade

Amid the greater de-dollarization efforts of the BRICS economic alliance, India has taken a major step to ditch the US dollar in the oil trade. Indeed, Bloomberg reports that India and Indonesia, two key members of the BRICS alliance, have officially agreed to abandon the US dollar for cross-border transactions, opting instead to settle trade in their national currencies. The two BRICS nations will now conduct transactions using their national currencies.

Using National Currencies: A Move Towards Economic Sovereignty

BRICS member India has reportedly purchased oil from the United Arab Emirates using its national currency for the first time ever. In July, reports surfaced that India. According to a report from Hindu BusinessLine, which cited an anonymous source, India is leaning towards accepting the proposal to conduct trade using national currencies. Amid the greater de-dollarization efforts of the BRICS economic alliance, India has taken a major step to ditch the US dollar in the oil trade. Indeed, Bloomberg reports that the Reserve Bank of is actively promoting the use of local currencies for trade settlements.

What This Means for the Future of Global Trade

India's move to ditch the US dollar in oil trade, along with the broader de-dollarization efforts of the BRICS alliance, has significant implications for the future of global trade and finance. It signals a potential shift away from the dollar's dominance and towards a more multi-polar world with increased use of national currencies in international transactions. This developing trend could reshape geopolitical dynamics and offer new opportunities for economic cooperation among emerging economies.

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