India's Shift to Local Currencies in Oil Trade with Russia Reflects BRICS Strategy

India is increasingly utilizing four currencies—the rupee, yuan, ruble, and dirham—to settle certain oil trades with Russia, moving away from the traditional use of the US dollar. According to NS3.AI, this approach aligns with the BRICS initiative to promote local-currency settlements. The reduced reliance on the dollar in international trade could potentially exacerbate the US deficit, which has already reached $39 trillion.