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 <p><a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> is evading US sanctions by accepting local currencies as payment for exports and not the US dollar. <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>’s third-biggest <a rel="dofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> producer, ‘Gazprom Neft‘ announced that the company has completely stopped accepting the US dollar as payment. The <a rel="dofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> exporter has ditched the US dollar and switched to accepting local currencies for cross-border transactions. This is the first <a rel="dofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a>-producing firm to completely switch from the US dollar to local currencies in 2023.</p> 
 <p><strong>Also Read: BRICS Countries Dump $123 Billion in U.S. Treasuries in 2023</strong></p> 
 <p>The development comes on the heels of the de-dollarization efforts initiated by the <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance. Just recently, <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members India and the UAE settled an <a rel="dofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> trade using the Rupee and not the US dollar. Saudi Arabia also confirmed recently that it is open to accepting local currencies for <a rel="dofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> trade across the world. Read here to learn how the American economy will be impacted if <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> stops using the US dollar as payment.</p> 
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 <p><strong>Also Read: </strong><strong>What Should The U.S. Do to Counter BRICS?</strong></p> 
 <h2 class="wp-block-heading" id="h-brics-russian-oil-exporter-ends-us-dollar-dependency-accepts-local-currency-for-payment">BRICS: Russian Oil Exporter Ends US Dollar Dependency, Accepts Local Currency For Payment</h2> 
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  <img decoding="async" width="1024" height="614" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="brics russia crude oil barrel" class="wp-image-103566 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp 300w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp 768w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp 1536w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp 380w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp 550w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp 800w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp.webp 1920w" data-srcset-img="https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp 1024w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp 300w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp 768w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp 1536w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp 380w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp 550w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp 800w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp 1160w, https://cdn.thebittimes.com/images/2023/09/26/f57a1662e2bf9d379b43ba62a75ae3d4.webp 1920w" data-eio="j">
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 <p>Alexander Dyukov, the CEO of Gazprom Neft, said that the company has completely moved away from the U.S. dollar. He added that the firm will not be accepting Euros, which will eventually put pressure on the countries of the European Union. <strong>“We have virtually moved away from payments in dollars and euros,”</strong> he said to Tass.</p> 
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 <p><strong>Also Read: BRICS: JP Morgan Predicts Crude Oil To Reach $150 Per Barrel</strong></p> 
 <p>Dyukov revealed that the <a rel="dofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> firm will accept the Chinese Yuan and the <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n Ruble as payment moving forward. <strong>“We mainly use Yuan and Rubles,”</strong> he said. A spokesperson said that the company has no issues accepting and withdrawing foreign currencies from across the world.</p> 
 <p>However, the CEO stressed that the company is not open to accepting the Indian Rupee as payment. <strong>“No. We don’t use Rupees,”</strong> he said without citing why the INR is left out as a payment option. If many other oil companies follow suit, the US dollar could be in jeopardy. The means to fund the dollar’s deficit will narrow, leading to economic turmoil in the US.</p> 
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<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="dofollow" target="_blank" href="https://thebittimes.com/brics-top-oil-producer-ditches-us-dollar-accepts-only-local-currency-tbt64074.html">https://thebittimes.com/brics-top-oil-producer-ditches-us-dollar-accepts-only-local-currency-tbt64074.html</a></p>

BRICS: Top Oil Producer Ditches US Dollar, Accepts Only Local Currency

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