BRICS Nations Accelerate De-Dollarization with Yuan, Rupee, and Ruble Trade

More than 50 countries are now bypassing the US dollar in oil and defense transactions, opting instead for BRICS currencies like the yuan, rupee, and ruble. This shift marks a significant step in the global de-dollarization trend, with local currency agreements gaining traction across energy and military markets.

India and Russia have emerged as key players in this currency revolution. Bilateral trade between the two nations doubled to $27 billion in 2022, fueled by rupee-ruble-yuan settlements for oil and technology. Russia now supplies nearly 70% of India's defense imports through non-dollar transactions, proving the viability of alternative payment systems.

Saudi Arabia's recent participation signals a potential watershed moment for petrodollar markets. The MOVE suggests growing institutional acceptance of non-dollar trade mechanisms among commodity-heavy economies.