On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S. dollar’s dominance in the oil trade under pressure.
Sources Say Non-U.S. Currencies Used in India-Russia Oil Deals Total ‘Several Hundred Million Dollars’
During the last few months, Bitcoin.com News has reported on several instances in which analysts and economists suggest that Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations, are attempting to undermine the U.S. dollar. On March 8, Reuters columnists Nidhi Verma and Noah Browning reported on how India’s oil deals with Russia have put a
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