Ahead of their upcoming meeting in Kazan, Russia, the BRICS group (including Brazil, Russia, India, China and South Africa) is considering the creation of Petroyuan as an alternative to the dollar-based oil payment system. Saudi Arabia, the world's largest oil exporter, has said it welcomes new ideas in oil trade, including the use of the yuan. Russia is also looking to reduce its dependence on the dollar and the SWIFT system. However, experts believe that the full implementation of the Petrovian system can be challenging. The move is part of BRICS' efforts to create a common currency, possibly backed by gold, to facilitate trade between its members. 1 reply
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