Quote from: DrBeer on Today at 07:26:49 PM

India, probably the only country in the BRICS with a really good economy, a position on the world stage, and a well-thought-out policy, and a pragmatic and logical approach, openly declares:
"The key BRICS member acknowledges that the dollar will remain dominant despite oil deals in rupees and yuan.
The US dollar's dominance is not under any real threat from emerging market currencies, India's oil and gas minister told CNBC, despite recent efforts to dedollarize global trade.
The dollar is the dominant form of payment for goods such as oil. But in June, Indian refineries used Chinese yuan to buy Russian oil. And earlier this month, an Indian refinery used Rs to buy oil from the UAE.
When asked about the role of the dollar in the oil market, Hardeep Singh Puri replied that replacing it "is not so easy." When asked if the dollar's prominence would continue, he replied, "Yes, I think it will."
His comments came after the BRICS emerging-country bloc held its 15th annual summit last week to discuss de-dollarization ideas."

https://markets.businessinsider.com/news/currencies/brics-india-dollar-dominance-dedollarization-rupee-yuan-deals-alternative-currencies-2023-8

There is no denying that the USD is still very strong and will continue to dominate most global trade transactions and replacing it is not easy. What the Indian Oil and Gas Ministry said is not wrong. But that doesn't mean they won't find a way to replace it in the future. No matter how they explain it, the purpose is to avoid causing conflicts in the cooperative relationship between the two countries. But it is a fact that India itself has not used USD in recent oil purchases. That means USD is hard to replace but they are also looking to reduce their reliance on it.

Although BRICS has not yet made much impression on the international community, but they do not stop and continue to develop, they are trying to shape the bloc to become clearer. So let's see what happens next.