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South Africa’s Foreign Minister Naledi Pandor hints at BRICS expansion in August. The BRICS summit will be held in Johannesburg and the bloc of five nations will jointly decide on the expansion. A total of 44 countries have expressed interest to join the BRICS bloc a month ahead of the summit. While 22 countries have formally sent their applications, the other 22 nations have expressed interest verbally. Also Read: 74 Countries Ready To Attend BRICS Summit In August Out of the 44 countries, only three nations might be inducted into the BRICS alliance, according to Pandor. The announcement regarding the induction could be made during the next summit in August. BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Russia’s Vladimir Putin will attend the summit virtually in fear of being arrested for war crimes against Ukraine. 3 New Countries Ready To Join BRICS Alliance In August Summit Source: newsus.cgtn.com Pandor indicated that three new countr...

The next BRICS summit will be held in South Africa in August and the formation of a new currency will be jointly decided by the bloc. A senior official from the BRICS alliance said on the condition of anonymity that the group plans to induct six new countries at the summit. The induction is carefully planned to give BRICS the much-needed financial boost to take on the U.S. dollar. The U.S. dollar is facing a challenge from BRICS as China and Russia are convincing developing countries to ditch the greenback. A handful of developing nations are looking to promote native currencies than giving importance to the U.S. dollar. BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Also Read: BRICS: 130 Countries Move Towards CBDC Currency, US Dollar in Jeopardy BRICS: 6 New Countries Could Join the Alliance in August Source: pakistantoday.com.pk Out of the 19 countries that have formally applied to join the BRICS alliance, six could be allowed entry into...

The country’s Petroleum Minister Musadik Malik disclosed this information to Reuters on a phone call.  According to the minister, the entire transaction involves 100,000 tonnes of oil, but only 45,000 tonnes has been deposited at Karachi with the others on the way. He did not divulge details of the discount which Pakistan received from Russia or the commercial Features of the deal. Still, he suggested that the oil importation is certainly a good buy for Pakistan.  “We’ve run iterations of various product mixes, and in no scenario will the refining of this crude make a loss,” Malik announced. “We are very sure it will be commercially viable.” BRICS Nations to Ditch the U.S. Dollars Importantly, the change in currency notes is a clear effort to inactivate the dominance of the United States dollars as regards international trades. More so, it is a milestone for BRICS foundation member countries; Brazil, Russia, India, China, and South Africa, that have been pushing for d...

The U.S. pressed sanctions against Russia for its role in invading and waging war against its neighboring country Ukraine. The sanctions made it harder for the nation to do business with foreign powers. However, Russia n President Vladimir Putin countered the sanctions through BRICS , convincing other nations to ditch the U.S. dollar and promote native currencies . The power move made Russia n companies actively use crypto currencies to settle cross-border transactions without any use of fiat currency. Therefore, the U.S. sanctions remained counterproductive as nations are looking to end reliance on the dollar. Despite being in the driver’s seat, the USD could soon take the back seat when BRICS launch a new currency. The next BRICS summit will be held in South Africa and Russia, along with four other nations will combinedly decide on a new tender for international trade. Also Read: 30 Countries Now Ready To Accept BRICS Currency BRICS: Legislatures in Russia to Vote on Form...