The petrodollar is not collapsing, but BRICS nations and parts of Europe are increasingly settling trade using local and alternative currencies, particularly in energy and bilateral trade agreements. The de…
BRICS is hardly using the US dollar for trade, as the latest data from the VTB Bank shows that the bloc has settled 60% of cross-border transactions in local currencies.…
The Reserve Bank of India (RBI) proposed to link all BRICS nations’ central bank digital currencies (CBDCs) for trade this week. The proposal has immense weightage, as India hosts the…
Russia is considering selling pork exports to its BRICS counterpart China in local currencies, such as the ruble and Chinese yuan. The US dollar will be phased out in the…
India Russia trade in local currency has actually reached over 90%, and this development has catalyzed various major shifts in bilateral commerce. Russia’s First Deputy Prime Minister Denis Manturov confirmed…
Dilma Rousseff, the President of the New Development Bank (NDB), announced that BRICS will fund climate finance in local currencies. She explained that the bloc is focusing on environmental protection…
The New Development Bank (NDB), commonly called the BRICS bank, has approved loans for 120 projects worth nearly $40 billion. The loans were disbursed for key sectors such as clean…
Brazil’s Finance Minister Fernando Haddad criticized the White House for weaponizing the US dollar and said in a television interview with UOL that BRICS has a right to uphold trading…
Two nations from the Eurasian Economic Union (EAEU) have settled trade worth 9 trillion rubles, equivalent to $112 billion. Payment settlements have been initiated in national currencies, with the ruble…
Oil refiners around the world are now demanding the US dollar for payment settlements and not local currencies. The development helped push the DXY index to the 100.20 level in…