BRICS: UAE Ditches US Dollar for Oil Trade

BRICS: UAE Ditches US Dollar for Oil Trade

The United Arab Emirates (UAE) is asking BRICS countries to settle oil trade in local currencies and not the U.S. dollar. The Middle Eastern nation is aiming to diversify its economic partnerships by renewing payment methods for oil trade deals. The UAE is approaching China, Russia, India, and Egypt, among other nations to pay local …

The post BRICS: UAE Ditches US Dollar for Oil Trade appeared first on Gulf Insider.The United Arab Emirates (UAE) is asking BRICS countries to settle oil trade in local currencies and not the U.S. dollar. The Middle Eastern nation is aiming to diversify its economic partnerships by renewing payment methods for oil trade deals. The UAE is approaching China, Russia, India, and Egypt, among other nations to pay local currencies for oil settlement and sideline the U.S. dollar.

According to reports, the UAE is in talks with 15 countries and is promoting local currency payments ending reliance on the U.S. dollar. The realigning of bilateral strategic partnerships could lead to a paradigm shift in the financial approach of BRICS countries. Controlling the global oil sector by ending reliance on the U.S. dollar could make BRICS turn into an economic powerhouse.

The UAE has already initiated oil