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BRICS members Russia, China, and India are looking at the Chinese yuan for oil settlements and not the US dollar. Reuters reported that Russian refiners are seeking payments in the Chinese yuan from Indian oil and gas firms. China, the largest buyer of Russian oil, has convinced the Putin administration to push for local currency for settlements. Indian oil refiners did not immediately respond to the demand from their BRICS counterpart, Russia, for oil payments in the Chinese yuan. However, Reuters quoted two sources who said that India already paid the Chinese yuan for three cargoes of Russian oil. This development has not been officially confirmed by the oil refiners. Also Read: Wall Street Buys 1,300+ Tonnes of Gold Before BRICS Currency Launch Also, India rotated payments in the Chinese yuan, Russian ruble, rupee, and the dirham. After China supported Pakistan post the Kashmir attacks, India stopped paying the Chinese yuan. Trump’s tariffs and trade wars also dealt a blow to t...

Brazil’s President Lula da Silva to convene a BRICS virtual meeting next Monday to discuss Trump’s tariffs and trade policies. The alliance will most likely release a joint statement on the White House’s trade policies after the online gathering. The show of strength comes after India, Russia, and China are holding high-level talks this week to safeguard their economies from trade wars. Lula da Silva will convene the BRICS virtual meet as Trump imposed 50% tariffs on Brazil and India last month. The bloc now wants to protect its economy and businesses from the tariffs imposed by the White House. Brazil and India have been affected by the decision, leading to the alliance group after the July summit. Also Read: India Offers Zero Tariff Deal, Trump Says ‘It’s Too Late’ Amid BRICS What Will Brazil Discuss In the BRICS Virtual Meet on Monday? Source: Reuters Brazil’s Lula da Silva will focus on multilateralism in the BRICS virtual meet on Monday, said a source close ...