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The BRICS alliance slowly yet steadily pulled the rug on the US dollar by various methods in the last three years. They bypassed the USD in several cross-border transactions and leveraged the growing discontent against the White House. While the Biden administration’s sanctions got the group to band together, Trump’s tariffs made them stick together. Either way, the bloc remains united in pushing local currencies ahead to strengthen their native economies and respective GDPs. Also Read: 10 Countries Likely To Join BRICS Alliance Next How BRICS Sidelined the US Dollar India & Russia: Oil Settlements in Dirham, Ruble, and Rupee Source: Adobe / Dreamstime.com After the White House imposed sanctions on Russia, India has been buying crude oil from its BRICS counterpart using the rupee, ruble, and dirham. India had also saved over $7 billion in exchange rates for over two years before Trump stopped the purchases through additional sanctions. This was among the first instances wher...

To bolster the de-dollarization agenda, India and Russia signed a pact to settle oil and gas payments in local currencies. The aim was to bypass the US dollar and the agreement was forged in 2022 to use the rupee-ruble pair. India even opened Vostro accounts for Russian refiners to accept the rupee for crude oil shipments. Three years later, neither the rupee nor the ruble is used for trade but a new third-party currency, the UAE’s dirham benefited from the deal. Also Read: Russia Says Joe Biden is Responsible For the US Dollar’s Decline India & Russia’s De-Dollarization Plan Fails as UAE’s Dirham Gains Source: seekingalpha.com / Arseniy45 Since the US tightened sanctions on Russia, Indian refiners are forced to source Russian oil from traders in the UAE. While the initial de-dollarization plan was to use the rupee-ruble for oil, India now has to pay dirhams for procurement. Suppliers in the UAE have made it clear that they accept the US dollar and for local currencies...

The US dollar is currently undergoing a downward spiral. The American currency is down 11% in the last year, rattled badly by Trump’s imposing stance on tariffs, battering the global economy. With raging trade war fears gaining momentum again, a new statement by Russian Minister of Foreign Affairs Sergey Lavrov has added new fuel to the de-dollarization drive. Russia, in the latest BRICS summit, has declared the US dollar “untrustworthy,” claiming that rising US debt is driving the dollar off the charts. Also Read: BlackRock Says Surging US Debt Could Fuel De-Dollarization Russia Indirectly Calls US Dollar Unfit and Unwell: What’s Happening Source: Watcher Guru In the latest BRICS summit hosted in Brazil, Russia’s Sergey Lavrov had dropped another statement, leading fears of de-dollarization to catch fire once again. In his latest opinion, Lavrov has deemed the US dollar untrustworthy. Lavrov stated that escalating US debt tensions are now affecting the American currency. He...