Major Oil Exporters Move Away from U.S. Dollar for Trade

Russia's third-largest oil exporter, Gazprom Neft, is ending reliance on the U.S. dollar for trade.

The company will accept local currencies like the Chinese yuan and Russian ruble instead of the dollar.

This follows India and UAE settling oil trade in rupees rather than dollars.

Saudi Arabia has also said it is open to accepting local currencies for oil exports.

If more oil firms follow, it could put pressure on the U.S. dollar's status as the global reserve currency.