Rupee

Yuan

Read

<div class="watcher-guru">
 <p>The BRICS alliance is making use of the U.S. sanctions against Russia by procuring crude oil at discounted prices. Russia is evading sanctions as BRICS countries are helping its economy to sustain and stay afloat with oil deals. BRICS members India, China, and Saudi Arabia are purchasing crude oil from Russia at cheaper rates using local currencies and not the U.S. dollar. The Chinese Yuan is now the most preferred currency for oil trade with Russia ending dependency on the U.S. dollar.</p>
 <p><strong>Also Read: BRICS: India Unhappy About Ditching the US Dollar For Oil</strong></p>
 <p>Read here to know how many sectors in the U.S. will be affected if BRICS completely stops using the dollar. The usage of the U.S. dollar is slowly beginning to decline while importance is been given to local currencies.</p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <h2 class="wp-block-heading" id="h-brics-u-s-dollar-payments-for-russian-crude-oil-decline-by-25">BRICS: U.S. Dollar Payments For Russian Crude Oil Decline By 25%</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/10/17/ded89751379e44422d285a805b2ebbb1.webp" alt="BRICS Oil US Dollar USD Currency" class="wp-image-113551" srcset="https://cdn.thebittimes.com/images/2023/10/17/ded89751379e44422d285a805b2ebbb1.webp 1024w, https://cdn.thebittimes.com/images/2023/10/17/ded89751379e44422d285a805b2ebbb1.webp 300w, https://cdn.thebittimes.com/images/2023/10/17/ded89751379e44422d285a805b2ebbb1.webp 768w, https://cdn.thebittimes.com/images/2023/10/17/ded89751379e44422d285a805b2ebbb1.webp 380w, https://cdn.thebittimes.com/images/2023/10/17/ded89751379e44422d285a805b2ebbb1.webp 550w, https://cdn.thebittimes.com/images/2023/10/17/ded89751379e44422d285a805b2ebbb1.webp 800w, https://cdn.thebittimes.com/images/2023/10/17/ded89751379e44422d285a805b2ebbb1.webp 1160w, https://cdn.thebittimes.com/images/2023/10/17/ded89751379e44422d285a805b2ebbb1.webp 1536w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: seekingalpha.com / Arseniy45
  </figcaption>
 </figure>
 <p>BRICS member Russia is now using the Chinese Yuan as payment to export crude oil to other countries. Russia has used the Chinese Yuan for 25% of all the payments for trade with other countries across the globe. This is the first time that the country has used local currencies for oil and not the U.S. dollar.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Traders Call Out India for Meddling in US Dollar &amp; Rupee Trade</strong></p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <p>India paid the Chinese Yuan for <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> and saved nearly $7 billion in foreign exchanges since February 2022. Additionally, Saudi Arabia purchased cheap <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> from <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> and laundered it to Europe early this year. China is also procuring <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> from <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> by paying their local currency and ditching the U.S. dollar.</p>
 <p><strong>Also Read: BRICS: Malaysia Advancing To Eliminate U.S. Dollar Financial System</strong></p>
 <p>Despite sanctions, <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> is maintaining its economy showing little or no concern for the consequences of invading Ukraine. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is also convincing other countries to stop using the U.S. dollar for <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> and pay in local currencies instead. The development will give a boost in the arm for <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> who are aiming to end the global U.S. dollar supremacy.</p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
 <p></p>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Oil</li>
  <li>Russia</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-payments-in-u-s-dollar-decline-by-25-for-russian-oil-tbt66649.html">https://thebittimes.com/brics-payments-in-u-s-dollar-decline-by-25-for-russian-oil-tbt66649.html</a></p>

BRICS: Payments in U.S. Dollar Decline By 25% For Russian Oil

Table of Contents

TheBitTimes

Other articles published on Oct 17, 2023

Fantom (FTM) Price Drops as Foundation Wallet Gets Hacked

Will the New Chip Export Restrictions Hurt Nvidia? Shares Open 6% Down

Why did Nvidia Shares Fall? Will it Affect Artificial Intelligence Altcoins?

Solana Price Rallies Amid Overall Crypto Market Rebound

How Generative AI Amplifies Hyper-Realistic Phishing Attacks?

Long-term Bitcoin holders prop prices above $27K; AI coin drawing whales

Join our free newsletter for daily crypto updates!