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The White House pressed sanctions against Russia in February 2022 for its role in invading and waging war against its neighboring country Ukraine. The Russian economy came to a standstill as it struggled to conduct business with other countries without the US dollar. However, BRICS came to the rescue of Russia, as the alliance kick-started the de-dollarization initiative and began using local currencies for crude oil payments sidelining the US dollar. Also Read: BRICS : 15 Countries to Ditch US Dollar for Oil Trade? BRICS members China, India, Saudi Arabia, and the UAE, among others, paid the Chinese Yuan for Russian oil and not the US dollar. Russia is now exporting crude oil to BRICS and other developing countries without accepting the US dollar as payment. The majority of the cross-border transactions are settled in local currencies like the Chinese Yuan and Ruble. Additionally, Saudi Arabia procured cheap Russia n Oil and also laundered it throughout Europe. Russia n cr...

The West African nation, Nigeria had formally applied to join the BRICS bloc ahead of the 15th summit in August 2023. However, the alliance did not induct Nigeria but invited six new countries Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia to join the group. Argentina could be the only country to decline the BRICS membership next month and not be a part of the bloc. Read here to know why Argentina does not want to join BRICS. Also Read: Pakistan Applies To Join BRICS Alliance A handful of developing countries are now looking to enter the grouping as it provides alternative trade and financial options. BRICS is convincing developing countries to ditch the US dollar and use local currencies to strengthen their native economies. The message seems promising as it breaks away from the US domination of the financial sector. Read here to know how many sectors in the US will be affected if BRICS stops using the dollar. BRICS: Nigeria Looking To Join the Alliance In 2 Yea...

The Russian ruble is outperforming the US dollar in November this month despite facing economic sanctions from the White House. The BRICS nation’s local currency, the Russian ruble, surged by a massive 12% in two weeks against the US dollar. While the US dollar performed better against other BRICS nations’ currencies, it failed to contain the Russian ruble in November. Also Read: BRICS : 155 Countries Sign Belt & Road Initiative With China For Trade The ruble had reached a low of 100.50 last month as the US dollar surged against all currencies, commodities, and gold. However, the US dollar weakened in November as the Fed’s rate cut remain unclear. The dollar also dipped after the jobs report came out showing unemployment rising from its previous monthly high. Source: Yahoo Finance So how is BRICS country Russia managing to keep its local currency, the Ruble , on top of the US dollar? In this article, we will highlight what made the Ruble outperform th...

The formation of a new BRICS currency was expected to hit a nail in the U.S. dollar’s coffin. However, BRICS ambassador Anil Sooklal confirmed that the next summit in August will not discuss the creation of a new currency. This puts the U.S. dollar in safe territory as no other currency could challenge its global reserve status. However, BRICS using GOLD to topple the U.S. dollar’s prospects remains looming at large. Also Read: Russia & India Make Huge Announcement on BRICS Currency The BRICS bloc is accumulating gold at a massive pace with a motive to take on the U.S. dollar. The World Gold Council published a report highlighting that China purchased 102 tonnes of gold in 2023. On the other hand, Russia purchased 31.1 tonnes of the precious metal, while India accumulated 2.8 tonnes to its gold reserves. Though the developments look small at the global level, they could be a tipping point for the U.S. dollar. BRICS Could Dethrone the U.S. Dollar With Gold,...

The BRICS alliance could soon expand to 13 new countries, as multiple nations have formally sent their applications to join the bloc. Discussions are currently underway to accept or reject the applications based on their economic performance. If accepted, BRICS could become BRICS+ by the end of 2023, adding more financial strength to the alliance. Countries from Africa, Latin America, and Asia have formally sent their applications, confirmed South African BRICS ambassador, Anil Sooklal. Also Read: After BRICS , 10 ASEAN Countries Ditch The U.S. Dollar In an interview with TV BRICS , Sooklal said that the response to joining the BRICS alliance from other countries remains positive. “So far, a number of 13 countries from Africa, Latin America, and Asia have applied or formally approached the BRICS leaders to become members of our association,” he said. The formal application sent by the 13 countries is a confidence booster to the BRICS alliance. Their idea of sidelining ...