https://www.msn.com/en-us/money/markets/uae-officially-stops-using-dollar-for-oil-trades/ar-AA1kCMxH

The global financial landscape is witnessing a seismic shift as the United Arab Emirates (UAE) boldly moves away from the US dollar in its oil trade dealings.

This strategic pivot aligns with the broader ambitions of the BRICS economic alliance, of which the UAE is a recent addition.

The changeover, involving the transition to local currencies for oil transactions, marks a significant departure from the long-established dollar dominance in the global oil market.

This expansion signifies a growing inclination towards de-dollarization among these nations, a move that challenges the traditional hegemony of the US dollar in international trade.

The UAE’s decision to prioritize local currency over the US dollar in new oil deals is a clear reflection of this sentiment. This move isn’t just a mere policy shift; it’s a strategic maneuver in the complex chess game of global economics.

By aligning with the BRICS nations, the UAE is not only diversifying its economic partnerships but also reinforcing its position as a global oil powerhouse.