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The new BRICS member, Saudi Arabia , is discussing various options to settle oil payments in local currency with India. Both Saudi Arabia and India have initiated the process and will decide on a new form of payment other than the US dollar. Just recently, India settled an oil trade with the UAE by paying in rupees and not the US dollar. BRICS members are now ditching the US dollar for oil trade by putting forward their local currencies. Also Read: U.S. Has More Gold in Reserves Than All of BRICS Combined If oil trade among the BRICS nations in local currencies grows, the bloc could soon flex its arms and ask other countries to settle trade in native currencies. The development puts the US dollar on the back foot as demand for the USD will gradually decline over time. So what could happen if BRICS member Saudi Arabia asks the US to pay in local currencies for oil? In this article, we will highlight the implications the geopolitical and financial worlds would face if Sau...

After the successful BRICS summit in Johannesburg, Chinese President Xi Jinping is most likely to skip attending the G20 summit in New Delhi, India. Sources familiar with the matter said that Chinese Premier Li Qiang will represent that nation at the G20 summit in September. Two Indian officials, one diplomat in China, and an official of another G20 country told Reuters on condition of anonymity that Qiang is expected to lead China’s efforts on behalf of Jinping at the summit. Also Read: Second BRICS Expansion Soon: South African PM Makes Huge Announcement Jinping is most likely skipping the G20 summit comes on the heels of the border dispute between India and China. The recent controversy over border disputes engulfed after China drew a map showcasing Arunachal Pradesh a part of Chinese territory. For the uninitiated, Arunachal Pradesh is a State in the northeast part of India and borders China. The proximity to China has caused several border disputes for decades. Whil...

The next BRICS summit will be held on August 22 to 24 in Johannesburg, South Africa. The bloc of five nations will decide on expansion efforts and could induct more countries into the alliance. BRICS Ambassador Anil Sooklal confirmed that 44 countries have expressed their interest to join the bloc, reported Bloomberg. The 44 countries hail from Asia, Africa, South America, and Europe. Also Read: 10 U.S. Sectors To Be Affected if BRICS Launch New Currency While the majority of countries who want to join BRICS come from Asia and Africa, a few nations from Europe have also shown interest to be a part of the summit. In this article, we will highlight how many countries in Europe want to join the BRICS alliance. BRICS: How Many Countries In Europe Want To Join The Alliance? Source: Human Rights Watch A total of two European countries have expressed their interest to attend the BRICS summit in South Africa. The two European countries that want to attend the upcoming BRICS meet ar...

In a recent article, former World Bank Executive, Ana Palacios discussed the BRICS nation’s motivations. Specifically, speaking on disgruntled nations clinging to the ideals of the economic bloc. Moreover, as the collective grows, the BRICS currency and Bitcoin become the focus amid the falling US dollar. As it has risen to prominence, BRICS has firmly embraced de-dollarization efforts. Subsequently, the search for a new global reserve currency is imminent, as both the BRICS alternative currency, and the most prominent digital asset, have become central in the discussion. The Growing BRICS Appeal Source: eastmojo.com A recent story by former World Bank senior vice president Ana Palacios put into perspective the rising prominence of BRICS . Specifically, she stated the vital role that the bloc will play for smaller countries and suffering economies. Stating that “disgruntled nations” see freedom from the political manipulation of economic proceedings by the West.  “The...

The growing prominence of the BRICS countries is only set to continue expanding, as 19 nations have submitted membership requests ahead of their annual summit. Moreover, the event is set to take place in South Africa this summer, as a host of nations are seeking entry. Earlier this year, the BRICS collective made it known that they were open to new members. Additionally, as the bloc of countries has surpassed the G7 nations in GDP (PPP), it seems expansion could continue to implement a shift in the global power balance. Specifically, amidst their continued efforts to replace the US dollar in international trade. Source: Global Times BRICS Sees Plethora of Requests to Join Ahead of their annual summit taking place in South Africa, the BRICS nations have seen 19 nations submit membership requests. Moreover, the countries are seeking to join the growing collective already comprised of Brazil, Russia, India, China, and South Africa. Bloomberg reported the emerging applic...