BRICS Member India Ditched US Dollar And Bought 1,000,000,000 Oil Barrels With Rupees

It has been reported that India, a member of the BRICS group, has made its first-ever purchase of oil from the United Arab Emirates using its own national currency. Check out the latest reports about this below.

In July, it was announced that an agreement had been reached between India and the UAE allowing for the use of rupees instead of US dollars in their trading relationship.

Recently, the two countries have begun trading using their respective currencies, with Indian Oil reportedly making payments in rupees for one million barrels of oil purchased from the state-owned Abu Dhabi National Oil Company.

It is worth noting that other BRICS nations have also purchased energy from the UAE without relying on the US dollar.

It has been reported that China National Offshore Oil Corporation, an oil and gas company, paid in yuan for the import of 65,000 tons of liquified natural gas from the UAE in March.

Furthermore, China recently signed global currency settlement agreements worth $582.3 billion in May that will only use the yuan.

Notably, the UAE, Russia, Venezuela, Oman, Bahrain, Qatar, Kuwait, and Saudi Arabia are among the countries that have entered into this agreement with China.

These recent developments by China and India showcase the global initiative of BRICS, an economic alliance consisting of Brazil, Russia, India, China, and South Africa, to move away from the US dollar.

Not too long ago, we revealed the fact that according to an insider, the economic coalition of BRICS is considering expanding its membership due to increasing interest from other nations. Anil Sooklal, South Africa’s Ambassador to BRICS, revealed in a recent interview with Bloomberg that the group has already established criteria for potential expansion.

The foreign ministers of BRICS are currently meeting in Johannesburg, and are expected to release a statement regarding the expansion of the group.