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Friday, April 26, 2024

Saudi MBS on BRICS leaders calling him to abandon U.S. dollar in oil transactionsnote

Since the start of the Ukraine War, Saudi Crown Prince Mohammad Bin Salman (MBS) maintained strategic relations with the U.S. on one hand, and political-economic relations with Russia on the other.

As Saudi Arabia is still considering an invitation to join BRICS, several preconditions from BRICS leaders are likely to be applied, notably including reducing Saudi oil trades in the U.S. dollar.

The note delves into the following key aspects:

- MBS’ views on using the U.S. dollar in oil transactions

- His views on using yuan or ruble for oil transactions

- Saudi position on Putin calling for halt of U.S. dollar oil transactions

The note also highlights MBS’ stance on the preconditions set by BRICS leaders to join the alliance.


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