BRICS countries, including China, India, Saudi Arabia, and the UAE, are shifting away from the US dollar in their oil trade dealings with Russia. By settling trade in their local currencies, such as the Chinese Yuan and the Indian Rupee, these nations have saved billions of dollars and raised concerns about the future of the petrodollar system. China alone has saved $10 billion, while India has saved $7 billion since February 2022. Saudi Arabia has also joined this trend, exploring alternatives to the US dollar for settling oil transactions. These currency shifts are a response to economic sanctions imposed by the US and its allies, allowing Russia to circumvent sanctions and maintain its oil exports. The BRICS alliance, which now includes additional members like Saudi Arabia, Iran, the UAE, Argentina, Egypt, and Ethiopia, aims to reduce the dominance of the US dollar in the oil trade. The diminishing presence of the petrodollar system is eroding the influence of the US dollar in global financial markets.

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Information	Details
Geography	Middle East
Countries	🇨🇳 🇮🇳 🇸🇦 🇦🇷 🇪🇬 🇪🇹
Sentiment	neutral
Relevance Score	1
People	Saudi Arabia, Russia, UAE, India, China
Companies	Saudi Arabia, Russia, UAE, India, BRICS alliance, China
Currencies	Chinese Yuan, US Dollar, Russian Ruble, Indian Rupee
Securities	None