# "In June 2024, #SaudiArabia is expected to announce that it will cease all #oil sales in #US #dollars, marking the end of the 50-year #Petrodollar Pact signed on June 6, 1974, which expires on June 9, 2024.

The decision not to renew this pact stems from Saudi Arabia's recent invitation to #BRICS and its move towards dedollarization.

Crown Prince #MohammedbinSalman has informed the Saudi government that the country will no longer accept US dollars for oil transactions.

This shift includes considerations to accept other currencies, such as the #Chinese #yuan, for oil sales, as reported by the #WallStreet Journal on March 15, 2022."

**JUST IN: Saudi Arabia Joins CBDC Project mBridge (WHICH IS MASSIVE)** - #TaylorKenney