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 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is looking to topple the U.S. dollar global reserve status by controlling a major portion of the <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> sector. In the first instance, Russia’s third-largest <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> exporting firm ‘Gazprom Neft‘ announced that the company is ending its reliance on the U.S. dollar. The <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> exporter will not be accepting the U.S. dollar for trade and is open to accepting local currencies. The Russian firm is the first <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> company to publicly announce cutting ties with the U.S. dollar for cross-border transactions.</p>
 <p><strong>Also Read: The U.S. Dollar Overtakes All <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Currencies &amp; Gold</strong></p>
 <p>The move comes after BRICS members India and the UAE settled oil trade in the rupee and not the dollar. Additionally, Saudi Arabia has also expressed that the Kingdom is open to accepting local currencies for oil exports. The development puts pressure on the U.S. dollar, as the greenback will find it challenging to fund its deficit.</p>
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 <p>Read here to know how many sectors in the US will be impacted if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> stops using the US dollar for global trade. The American economy could face turbulence if a handful of countries reject it as a payment method for exports.</p>
 <p><strong>Also Read: BRICS: Former Treasury Secretary Predicts Future of the US Dollar</strong></p>
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 <h2 class="wp-block-heading" id="h-brics-top-oil-exporter-cuts-ties-with-us-dollar-accepts-native-currency">BRICS: Top Oil Exporter Cuts Ties With US Dollar, Accepts Native Currency</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/10/08/ded89751379e44422d285a805b2ebbb1.webp" alt="BRICS Oil US Dollar USD Currency" class="wp-image-113551" srcset="https://cdn.thebittimes.com/images/2023/10/08/ded89751379e44422d285a805b2ebbb1.webp 1024w, https://cdn.thebittimes.com/images/2023/10/08/ded89751379e44422d285a805b2ebbb1.webp 300w, https://cdn.thebittimes.com/images/2023/10/08/ded89751379e44422d285a805b2ebbb1.webp 768w, https://cdn.thebittimes.com/images/2023/10/08/ded89751379e44422d285a805b2ebbb1.webp 380w, https://cdn.thebittimes.com/images/2023/10/08/ded89751379e44422d285a805b2ebbb1.webp 550w, https://cdn.thebittimes.com/images/2023/10/08/ded89751379e44422d285a805b2ebbb1.webp 800w, https://cdn.thebittimes.com/images/2023/10/08/ded89751379e44422d285a805b2ebbb1.webp 1160w, https://cdn.thebittimes.com/images/2023/10/08/ded89751379e44422d285a805b2ebbb1.webp 1536w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: seekingalpha.com / Arseniy45
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 <p>The CEO of Gazprom Neft, Alexander Dyukov said that the firm is accepting Chinese yuan and Russian ruble as payment. <strong>“We mainly use Yuan and Rubles,”</strong> he said to Tass. A spokesperson confirmed that the company has no problem in accepting and withdrawing foreign currencies from across the world.</p>
 <p><strong>Also Read: US, Germany &amp; the European Union React to BRICS Expansion</strong></p>
 <p>Moreover, the <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> exporter is yet to open its payment systems to other local currencies. <strong>“No. We don’t use Rupees,” </strong>and other native currencies, he said. Therefore, the firm currently accepts only the Chinese yuan and ruble at the moment, after ending its dependence on the U.S. dollar. If many other <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> firms follow suit, then the U.S. dollar could be in jeopardy.</p>
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<div class="cs-entry__tags">
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  <li>BRICS</li>
  <li>Oil</li>
  <li>US DOLLAR</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-leading-oil-company-ditches-us-dollar-accepts-local-currency-tbt65545.html">https://thebittimes.com/brics-leading-oil-company-ditches-us-dollar-accepts-local-currency-tbt65545.html</a></p>

BRICS: Leading Oil Company Ditches US Dollar, Accepts Local Currency

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