BRICS: India Saves $7 Billion by Ditching U.S. Dollar For Oil Trade
The U.S. sanctions pressed against Russia are helping India and other developing countries to purchase crude oil at discounted prices. The Biden administration sanctioned Russia for invading and waging war against its neighboring country Ukraine. The sanctions stop other countries from conducting business with Russia in a move to disable its local economy. Other countries are not allowed to settle payments with Russia using the U.S. dollar for cross-border transactions. The recent oil deal was carried out between Russia, China, and India, which are part of the BRICS alliance. Also Read: BRICS: 130 Countries Move Towards CBDC Currency, US Dollar in Jeopardy However, despite the sanctions, Russia is laundering crude oil to China and Saudi Arabia by accepting the Chinese Yuan as payment. Saudi Arabia and China are laundering Russian crude oil to other countries at discounted prices due to the sanctions. The reliance on the U.S. dollar is eliminated in these transactions making it cheap...