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