BRICS Nations Shift Towards Local Currencies in Energy Trade

BRICS countries and parts of Europe are increasingly using local currencies for energy and bilateral trade settlements, moving away from the US dollar. According to NS3.AI, approximately 20% of oil trades are now settled in local currencies, with China, India, and Russia leading this shift through initiatives such as the petro-yuan and payments in rubles and rupees. Despite the US dollar's continued dominance, geopolitical changes and the substantial energy trade volumes managed by BRICS nations could gradually diminish the petrodollar's influence.