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BRICS aims to topple the US dollar by making oil-exporting countries accept local currencies for oil and gas cross-border payments. If Saudi Arabia joins the bloc, the grouping will be stronger Reports suggest that the UAE is exploring potential oil and gas deals with up to 15 countries, including powerhouses like China, Russia, and Egypt, all of whom are The Financial Times has reported that the UAE, a member of the BRICS alliance, is on the hunt for fresh oil deals with profound implications for the US dollar. The Specifically, the Financial Times reports that a BRICS member country, the UAE, is seeking new oil deals that could have massive implications on the US dollar. Indeed, the report noted that the country had planned on utilizing the COP28 Summit for the observation BRICS wants to hit the U.S. dollar where it hurts:- the oil market. The dollar’s value relies on its demand. If demand drops, so too does the dollar. BRICS is calling on oil The United Arab Emirates (UAE) has shifted from using the US dollar to local currencies in its oil trades. This move aligns with the broader de-dollarization efforts of

BRICS UAE to Ditch US Dollar in New Oil Deals: A Seismic Shift in Global Finance?

The global financial landscape is potentially undergoing a monumental transformation. Reports suggest that the UAE is exploring potential oil and gas deals with up to 15 countries, including powerhouses like China, Russia, and Egypt, all of whom are increasingly looking to move away from the US dollar. Specifically, the Financial Times reports that a BRICS member country, the UAE, is seeking new oil deals that could have massive implications on the US dollar.

This move aligns with the broader de-dollarization efforts of BRICS. The United Arab Emirates (UAE) has shifted from using the US dollar to local currencies in its oil trades. This has been fueled in part by the fact that the BRICS aims to topple the US dollar by making oil-exporting countries accept local currencies for oil and gas cross-border payments. The report noted that the country had planned on utilizing the COP28 Summit for the observation of how different countries are adapting to a new world monetary order.

The US Dollar Under Pressure: How Oil Deals Are Key

BRICS wants to hit the U.S. dollar where it hurts: the oil market. The dollar’s value relies on its demand. If demand drops, so too does the dollar. BRICS is calling on oil producers to trade in their own currencies, thereby circumventing the dominance of the USD. The Financial Times has reported that the UAE, a member of the BRICS alliance, is on the hunt for fresh oil deals with profound implications for the US dollar.

Saudi Arabia's Role and a Stronger BRICS

If Saudi Arabia joins the bloc, the grouping will be stronger, adding significant weight to the de-dollarization push. The shift by the UAE to local currencies represents a crucial step in reducing reliance on the US dollar in global oil transactions, potentially reshaping international trade and investment flows.

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