BRICS: New Blow to the Dollar – Oil, Gas and Grain Bypassing the US

BRICS is preparing to remove the dollar from global trade by targeting new sectors. The creation of a grain exchange and trading in local currencies threaten the economic dominance of the United States.

The BRICS economic alliance is targeting yet another sector to get rid of the US dollar. Its latest plans involve an industry that could be significantly impacted by these targets.

Earlier this year, the group agreed on a major trade deal. In particular, all BRICS countries and six partner countries agreed to expand trading in local currencies. Now the group intends to develop an exchange that will largely eliminate the influence of Western currencies.

BRICS De-Dollarization Expands: Plan for Major Industries

Oil trading is increasingly a source of concern as Saudi Arabia potentially seeks to sell the commodity in other currencies. The BRICS bloc is continuing this mission as it presses global trade to adopt similar safeguards. One of the bloc’s most prominent members is set to unveil a key de-dollarization plan later.

And one more market has been agreed upon

BRICS has set its sights on another major sector to ditch the US dollar, this time – grain marketRussian officials are creating a grain exchange that will allow direct purchases of grain from producers. It will also allow countries to negotiate settlements without using the dollar.

“We are grateful to all BRICS member countries… for supporting Russian initiatives to create a BRICS grain exchange,” Russian Agriculture Minister Oksana Lut told state media. “Now, in accordance with the instructions of Russian President Vladimir Vladimirovich Putin, we will work together with our colleagues to develop this platform and settlements in the national currencies of the BRICS countries.”

Luth noted that BRICS countries “together produce about 40% of grain crops”. It also highlights the importance of the block. The introduction of a grain exchange is of great importance. Not only for local currencies, but also for the US dollar. It would be another example of the collective getting rid of currency as a necessity in the global economy.

Mauthor's opinion:

Those who own resources rule the world. BRICS has already concentrated under its control: the grain market – 40%, the oil and gas market – 42%, the market of world reserves of rare earth metals – 72%. Let me remind you – there is still a queue of countries waiting to join. And they also have minerals. Some have a hitch with technology, but this can be fixed.

P.S. Head of BlackRock noted that the seven G7 countries account for “61 percent of the world's public debt.” It can be concluded that some have “gold and diamonds” under their feet, while others have creditors standing outside the door.

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