Trade..

 

Following the landmark BRICS expansion, India has ditched the US dollar in what is a historic oil deal with the United Arab Emirates (UAE). In fact, India has purchased 1 million barrels of oil in rupees from the UAE, marking another significant step in the economic alliance’s de-dollarization efforts.

The UAE became a member of the bloc following last week’s 2023 summit. Specifically, it joined Saudi Arabia, Iran, Argentina, Ethiopia, and Egypt as the newest members of the expanded alliance. Now, the historic deal marks a notable trade between the two member states. 

Saudi Arabia, a key trader of oil globally, should present a very important aspect of this equation. Especially considering that the United States had recently urged the country to continue settling in the greenback. Conversely, its inclusion in the BRICS will likely lead to action similar.

This action will limit greatly the effect of US Sanctions or using the dollars and the sanctions as weapon against many poor countries renders the countries economies devastated.