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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...

The world is now witnessing a sharp change with the US dollar being sidestepped and overshadowed by local currencies. The majority of the countries are now strengthening their commitment to local currencies, powering local trade routes to evade US sanctions, to the point of ditching them completely. Many nations are using alternatives to the USD to make foreign trade deals, a phenomenon that could end up hurting the dollar in the long run. Also Read: BRICS Moves to Local Currency Trading: BRICS Currency Dead? Local Currencies Like Yuan in Global Energy Trade Are Taking Precedence Source: Watcher.Guru India and Russia have lately been engaging in a local currency narrative, involving the yuan in the majority of their deals. Russia has asked India to pay 10% of its oil payment in yuan, a currency that Russia has long been exploring in depth. As Russia can no longer conduct business in USD, the nation has switched to the Yuan, which continues to benefit the nation in the long run. Similar...