BRICS Leading Oil Company Ditch US Dollar, Accepts Local Currency: A Seismic Shift in Global Trade
The global economic landscape is undergoing a significant transformation, with the BRICS nations (Brazil, Russia, India, China, and South Africa) playing an increasingly pivotal role. Recent developments indicate a clear move away from the US dollar in international trade, particularly within the oil sector. One prominent example is Russia’s third-largest oil exporting firm, Gazprom Neft, which has stopped accepting the US dollar for trade and will now accept local currency Yuan and Rubles.
Russia's Embrace of Local Currencies for Oil Exports
This isn't an isolated incident. Russia has been actively shifting its oil trade towards its BRICS partners. According to recent reports, Russia has sold nearly 78% of oil exports to its BRICS counterparts China and India between 2023 and 2025. The majority of these oil deals were settled in local currencies 26 de sept. de 2025. This strategic shift allows BRICS member Russia to evade US sanctions by accepting local currencies as payment for exports and not the US dollar. Russia’s third-biggest Oil.
Gazprom Neft Leads the Way: A Complete Switch
Gazprom Neft is paving the way for other oil-producing firms to follow suit. The oil exporter has ditched the US dollar and switched to accepting local currencies for cross-border transactions. This is the first oil-producing firm to completely switch 26 de sept. de 2025, marking a watershed moment in international finance.
BRICS Expansion and the Future of the US Dollar
The BRICS alliance is further strengthened by the inclusion of new members like Iran, Saudi Arabia, and the United Arab Emirates. With Iran, Saudi Arabia and the United Arab Emirates joining BRICS, the multilateral mechanism now includes major global oil producers and importers. This expansion significantly amplifies the bloc's influence in the global energy market and potentially challenges the dominance of the US dollar. Analysts said BRICS is looking to topple the U.S. dollar global reserve status by controlling a major portion of the oil sector.
Implications for the Global Economy
The decision by BRICS nations and leading oil companies to ditch the US dollar in favor of local currencies signals a potential reshaping of the global economic order. This trend could lead to reduced reliance on the US dollar, increased adoption of alternative currencies, and a more multipolar financial system. The long-term implications of this shift are far-reaching and warrant close observation by economists, policymakers, and investors alike.