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BRICS calls for boycott of US dollar in oil trade with Middle East

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7 months ago

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BRICS calls for boycott of US dollar in oil trade with Middle East
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BRICS, an intergovernmental organization, on Monday called on the Middle East to stop using the US dollar for oil trade settlements in the international market.

 

READ ALSO: Tears of horror, Aisha Yesufu decries kidnap of 276 Chibok school girls, Nyanya bombing, 10 years after

This is sequel to the ongoing violent rift between Israel and Iran, in addition to the violence in Gaza.
Membership of BRICS comprises of
Brazil,
Russia,
India,
China,
South Africa,
Egypt,
Ethiopia,
Iran, and
the United Arab Emirates.

The intergovernmental organization was formed by Russia, China, Brazil and India in 2006, in anticipation of expansion across the world that will lead to greater representation for emerging economies and a chance to move away from reliance on the US dollar in international trade.

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