BRICS Alliance Opposes US Dollar in Trade: Russia Pays India $4 Billion in Local Currency
Reports from Eastern media sources reveal that the BRICS alliance, specifically the Russia-India axis, is engaging in significant trade of military armaments using local currencies, bypassing the US dollar as the preferred currency for international trade. Russia is purchasing weapons from India worth $4 billion in Rupees as part of this new trade agreement. This move aims to strengthen Russia’s defense against Ukrainian settlements and also includes the exchange of machinery, car parts, and engineering goods with New Delhi. The BRICS alliance is solidifying its autonomy and accelerating the de-dollarization process initiated last year.
- Russia and India trade military armaments in local currencies within BRICS alliance
- Russia buys $4 billion worth of weapons from India in Rupees
- Move aimed at supporting Russia’s defense and diversifying trade partners
- BRICS alliance confirms autonomy and accelerates de-dollarization process
India-Russia Trade Relationship Strengthened Through Arms Deal
India’s engagement in the arms trade with Russia enhances its position as a privileged arms supplier to the nation alongside Iran and North Korea. This move also strengthens the “special and privileged strategic partnership” between India and Russia. The trade relationship between the two countries has evolved significantly, with a 25-fold increase in trade amounting to over $50 billion per year. Plans are underway to further increase this to over $100 billion annually within the next five years. The de-dollarization efforts are not limited to military trade but also extend to food, energy, and industrial supply chain, all conducted in local currencies as per the rupee-ruble friendship agreement.
- India becomes a privileged arms supplier to Russia alongside Iran and North Korea
- Trade between India and Russia sees a substantial increase
- Plans to reach over $100 billion in trade annually within five years
- Efforts to de-dollarize extend beyond military trade to other sectors
Russia and China Collaborate in De-Dollarization Efforts
China and Russia have joined forces in the de-dollarization process, with 90% of their trade conducted in Rubles or Yuan to minimize reliance on the US dollar. This strategic move is aimed at countering the dominance of the US dollar and promoting local currencies. Russian President Vladimir Putin and Chinese President Xi Jinping recently met to discuss ways to enhance the partnership between their countries within the BRICS alliance. The meeting emphasized boosting global partnership and economic cooperation, resulting in a significant portion of trade being conducted in local currencies, signaling a strong commitment to de-dollarization.
- China and Russia collaborate to de-dollarize trade
- 90% of trade between China and Russia conducted in Rubles or Yuan
- Meeting between Putin and Jinping strengthens BRICS alliance
- Efforts aim to counter US dollar dominance and promote local currencies
Closing Thoughts: The Changing Landscape of Global Trade
The BRICS alliance, led by Russia, China, and India, is challenging the supremacy of the US dollar by trading in local currencies, particularly Rubles, Yuan, and Rupees. This significant shift in global trade dynamics highlights a growing trend towards de-dollarization as emerging economies seek to reduce reliance on the US dollar. As other developing nations observe the success of the BRICS model, the next decade may witness a transformation in the traditional currency landscape, with more countries diversifying their trade partnerships and adopting alternative currencies.
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