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Oil swap: BRICS circumvents US sanctions – ruble and yuan win!
BRICS trades 78% of its oil trade in local currencies instead of US dollars, circumvents US sanctions and strengthens its own economies.
Oil swap: BRICS circumvents US sanctions – ruble and yuan win!
MEGA DEAL: Russia sells massive amounts of oil in domestic currencies to BRICS partners
Stunning deals in the oil industry! From 2022 to 2023, Russia sold almost 78% of its oil exports to the BRICS giants China and India - mainly in local currencies! A clever move that gained momentum after the hefty US sanctions of 2022, triggered by the Ukraine conflict. These oil adventures drew huge amounts of Russian oil into the hands of the BRICS stars while the dollar stood on the sidelines and watched. reports watcher.guru.
India and China took advantage of the opportunity and bought the Russian “black gold” at bargain prices – well below the market value! Clever, because India saved a whopping $7 billion by paying in local currency instead of US dollars! The Chinese yuan also came into play and helped Russia continue to swim in money despite the tough US sanctions front. A real win for BRICS: Only 32% of deals were settled in local currencies in 2021, but the current success rate shows that the dollar has to give up against local talent, according to the report from watcher.guru.
Saudi Arabia is also involved in the oil ring, also buying Russian oil and distributing it across Europe. A new day, a new tactic - BRICS stands defiant and proudly strengthens their currencies while the dollar fights for its survival. Pure excitement on the global stage!