BRICS: India Ditches US Dollar in Historic Oil Deal with UAE

India has made a historic oil deal with the UAE, purchasing 1 million barrels of oil in rupees instead of US dollars, marking a significant step in the BRICS alliance's de-dollarization efforts.

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8/21/2023

Exclusive: India cenbank nudges banks to settle UAE trades in rupee, dirham -sources

India's central bank is urging local banks to encourage trade settlements between the United Arab Emirates and India using the dirham or Indian rupee instead of the U.S. dollar, as part of an initiative to promote the use of local currencies and reduce the trade deficit with the UAE.

8/21/2023

BRICS Expansion Projected To Reduce 90% Of USD Oil Sale Settlements

The BRICS alliance could gain control of the majority of the world's oil and gas trade by including Saudi Arabia and the United Arab Emirates, which could lead to a shift away from the USD and the de-dollarization of the oil economy.

8/28/2023

Why the India-UAE deal to trade in local currencies matters

India and the UAE have agreed to settle bilateral trade in their own currencies, a move that is expected to strengthen economic relations and boost exports for India. The agreement aims to lower transaction costs and reduce uncertainty caused by fluctuating exchange rates, benefiting both countries and de-risking their dependence on reserve currencies.

8/29/2023

BRICS Member Admits US Dollar Will Remain Dominant

India has recently entered into a historic oil deal with the UAE, marking a significant move away from the US dollar; however, Indian Oil and Gas Minister Hardeep Singh Puri believes that de-dollarization is not yet taking hold and that the US dollar's dominance remains unchallenged.

8/30/2023

India will buy oil from anyone who offers the 'lowest possible prices' - minister

India's oil minister has stated that the country will purchase oil from any source that offers it at the lowest possible prices.

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Posted 8/28/2023, 5:08:35 PM

BRICS: India Ditches US Dollar in Historic Oil Deal with UAE

India has made a historic oil deal with the UAE, purchasing 1 million barrels of oil in rupees instead of US dollars, marking a significant step in the BRICS alliance's de-dollarization efforts.

watcher.guru

Relevant topic timeline:

8/21/2023

Exclusive: India cenbank nudges banks to settle UAE trades in rupee, dirham -sources

8/21/2023

BRICS Expansion Projected To Reduce 90% Of USD Oil Sale Settlements

8/28/2023

Why the India-UAE deal to trade in local currencies matters

8/29/2023

BRICS Member Admits US Dollar Will Remain Dominant

8/30/2023

India will buy oil from anyone who offers the 'lowest possible prices' - minister

India's oil minister has stated that the country will purchase oil from any source that offers it at the lowest possible prices.