China News Official TheBitTimes.com

Trade between the five BRICS countries surged 56% in the last five years totaling approximately $422 billion, data shows. The five existing BRICS members Brazil, Russia, India, China, and South Africa initiated international trade deals worth $422 billion between 2017 to 2022. BRICS countries remain good trading partners as they boast of natural resources and farm products, except for Russia. However, Russia, on the other hand, complements the alliance by exporting crude oil to other developing countries. Also Read: BRICS Advancing To Create Non-US Dollar Oil Trade The surge in trade between 2017 to 2022 remains normal, as it is business as usual for any country. However, things are changing in 2023, as the BRICS alliance is looking to end dependency on the US dollar. As the demand for trade between BRICS nations surges, the chances of the alliance paying in local currencies and not the US dollar remain high. Also Read: Russia Makes Huge Announcement on BRICS Currency ...

BRICS member Russia previously exported significant amounts of Uranium to the US to power its nuclear plant. However, the US stopped importing Uranium from Russia after the Biden administration pressed sanctions against the country for invading Ukraine. The geopolitical tensions between Russia and the BRICS are making the US break free from depending on natural resources from other countries. The US, which is heavily dependent on Russian Uranium, is now looking to end its reliance by finding effective alternative minerals. Also Read: BRICS GDP Reaches $31 Trillion With New Members Uranium Battle: The US Fights Russia and Other BRICS Members Source: investingnews.com The Biden administration is allowing industry players to explore alternative white metals that could effectively replace Russia n Uranium . Industry insiders told Oil Price that the White House is looking at Thorium as a safer option than Uranium to power its nuclear plant. The administration is actively hunting for ...