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The BRICS alliance is looking to topple the U.S. dollar by controlling the global oil and gas sector. BRICS inducted six new countries in August, and five of them are leading oil-producing nations. The new members, Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia, export millions of barrels of oil each year, except for Argentina. If BRICS begins to accept local currencies for oil trade, the U.S. dollar will be in jeopardy. Also Read: BRICS: U.S. Dollar ‘Global Reserves’ Drop Below 60% Russell Hardy, top oil trader and CEO of Vitol highlighted how the recent global developments in the oil sector could impact the U.S. dollar. According to Hardy, BRICS inducting oil-producing countries into the bloc is a way to challenge the U.S. dollar. BRICS: Leading Oil Trader Predicts What Could Happen To the U.S. Dollar Source: figtreecapitalventures.com Hardy stressed that a handful of developing countries are “irritated” by the actions of the U.S. Government. The White House...

In the latest BRICS developments, China is advancing to generate a trade deal worth $19 billion with Africa and use the Chinese Yuan as payment. The ongoing China-Africa Economic and Trade Expo aims to defy the Western ‘debt trap’ and usher in a new era fostering trade ties, according to a report. The move comes when a handful of African countries are looking to join BRICS and accept the new currency. The annual trade expo aims to strengthen long-term trade partnerships and is expected to generate $19 billion in deals. Also Read: BRICS : 5 New Countries To Join BRICS Alliance in August The multi-billion dollar BRICS trade deal could be settled in the Chinese Yuan and not the U.S. dollar. The development comes at a time when Kenyan President William Ruto urged Africa n nations to stop using the U.S. dollar for global trade. Ruto asked African countries to pay with the U.S. dollar while settling cross-border transactions with the U.S. only. He advised Africa...

BRICS members are currently divided a month before the summit in South Africa in August. The cracks within the BRICS group are growing larger as the bloc of five nations differs in ideology. While China and Russia are advancing towards the formation of a new currency, India seems to have taken a step back. India is sending mixed signals of backing out from the creation of the new BRICS currency and favoring the Rupee. The Indian Rupee is holding strong against the U.S. dollar in the foreign exchange markets indicating that the currency is relatively stable. This puts the country in a unique position financially and safeguards its national interests than taking on the U.S. dollar. India now aims to put its local currency first in the global markets than the soon-to-be-released BRICS tender. Also Read: 3 Major Countries to Join BRICS Alliance in August India Wants To Stabilize the Rupee First & Not The BRICS Currency Source: Indiatimes.com India signed a deal wi...