BRICS Target Another Sector to Eliminate US Dollar

The BRICS economic alliance has targeted another sector to eliminate the US dollar. The group has targeted the US dollar and sought to reduce international dependence on the currency. Its latest plans introduce another industry that could be severely affected by these goals.

Earlier this year, the bloc agreed on a massive trade deal. Specifically, all BRICS countries and six partner nations agreed to increase trade in local currencies. Now, the collective is poised to develop an exchange that will massively remove the influence of Western currencies.

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BRICS De-Dollarization Expands as Latest Plan Covers Major Industrial Sectors

Concerns in the oil trade are growing as Saudi Arabia potentially looks to trade the resource in other currencies. The BRICS bloc is continuing that mission as it urges global trade to adopt similar safeguards. Next, one of the bloc’s most prominent members is set to launch a key de-dollarization plan.

BRICS is set to target another key sector to eliminate the US dollar, this time in the grain market. Indeed, Russian officials are seeking to establish a grain exchange that would allow direct purchases of grain from producers. It would also allow nations to agree on non-dollar settlements.

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“We are grateful to all BRICS member countries… for their support for Russian initiatives aimed at establishing the BRICS Grain Exchange,” Agriculture Minister Oksana Lut told Russian media. “Now, in accordance with the instructions of Russian President Vladimir Vladimirovich Putin, we will work with our colleagues to create and develop this platform and develop opportunities or settlements in the national currencies of BRICS countries,” they added.

Lut noted that the BRICS countries “collectively produce about 40% of the grain crop.” They further noted that this underscores the importance of the bloc. The introduction of a grain exchange would be huge. Not only for local currencies, but also for the dependence on the US dollar. It would bring another case of the collective abandoning currency as a necessity in the global economy.