Is the U.S. dollar losing its grip on global oil trade? Explore how BRICS India saves $7 billion by ditching the U.S. dollar for crude oil trade with Russia and leveraging the strength of the BRICS alliance. Recent reports highlight significant shifts in the energy market, with BRICS members India and Russia initiated crude oil deals worth billions of dollars between February 2025 to December 2025, bypassing traditional dollar-denominated transactions.

This move has resulted in substantial savings for India. Evidence suggests that India saved nearly 7 billion in two years. But how is this achieved? India settled Russian oil with China by using the Chinese Yuan. This innovative approach underscores the growing influence of alternative currencies within the BRICS economic sphere and challenges the long-standing dominance of the USD in international trade.

While the shift away from the U.S. dollar is gaining momentum, experts suggest that the dollar's role isn't completely over. Despite recent settlements in yuan and ruble, the question is, does this mean the U.S. dollar's prominence in this market is here to stay? The future remains uncertain, but the current trend indicates a diversification of payment methods and a growing appetite for alternative currencies within the BRICS nations.

Furthermore, controversy surrounds the source and pricing of this oil. Some reports allege that The BRICS members China and India are buying laundered oil at cheaper rates from Russia by ditching the US dollar. Both countries are settling trade in their respective currencies, potentially circumventing Western sanctions and obtaining oil at significantly reduced costs. India's oil and gas minister said that this strategy benefits their national economies.

Delve deeper into the complex dynamics of the BRICS nations' oil trade, the role of alternative currencies, and the potential long-term impact on the global financial landscape. Discover how India is strategically navigating the energy market to secure its economic interests and how the BRICS alliance is reshaping the future of international trade.