India Starts Paying for Russian Oil in Yuan, Marking Major De-Dollarization Move
In a significant shift away from the U.S. dollar, India has begun settling payments for Russian oil in Chinese yuan , according to reports from BRICS News . The move is seen as part of a broader de-dollarization strategy among BRICS nations, aimed at strengthening economic cooperation and reducing dependency on Western financial systems. Backed
by leaders Narendra Modi , Vladimir Putin , and Xi Jinping , the decision reflects growing efforts within the bloc to establish alternative trade mechanisms and currency settlements amid global economic realignments. Analysts say the transition could mark a turning point in global energy trade , signaling a deeper financial integration between BRICS members and a challenge to the dollar’s long-standing dominance.