Part 6/10:
India and the UAE signed a trade agreement in July to settle transactions in their local currencies, the rupees rather than dollars, including in oil and gas deals.
Saudi Arabia is engaging in negotiations to price some of its oil exports in Chinese yuan instead of USD or euros.
Russia and China have been pushing for cross-border trade settlements in their national currencies, bypassing the dollar altogether.
Russian President Vladimir Putin has called for the adoption of a unified, perhaps gold-backed, currency among BRICS nations to weaken US financial hegemony.
These policies threaten to unravel the Petro dollar, which has underpinned US economic influence since the 1970s, and gradually erode US economic dominance.