From Dow Jones & Company:

Some major emerging economies are turning away from trading commodities in the dollar, aiming to reduce their reliance on the U.S. currency. Russia and Iran are particularly embracing this shift, finding buyers in China, India, and other countries willing to purchase oil in alternative currencies, often at lower prices amidst U.S. sanctions and restrictions.



Read more: The Dominant Dollar Faces a Backlash in the Oil Market