The BRICS president Purnina Anand remarked that the US dollar would be less vital for Russia and India, with a payment mechanism for exchanging rubles and rupees to leverage them better. She spoke of the mutual arrangement of the two countries regarding their currencies and the BRICS.
Weaponizing Currencies Against US Dollar
The linking of mutual settlements in national currencies will eliminate the need for US currency between Moscow and New Delhi, as the Indian BRICS head said last Thursday, reported RT.
She added that the transaction would be settled using either rupees or rubles, permanently removing US currency. Beijing is creating a similar mechanism to connect the Yuan to the network of linked currencies.
Describe to a media outlet what it means for Beijing, Moscow, and New Delhi to make such a move. It enables Russia to set up a strategy with all the BRIC countries to get around the unlawful western sanctions with a payment mechanism, noted Fars News.
Over the past 40 years, bilateral trade between India and Russia has increased fivefold. Moscow provides India with an increasing amount of oil in exchange for substantial amounts of textiles, medicines, and other goods.
She did, however, add that New Delhi views itself as a neutral party in the ongoing sanctions conflict between the West and Russia, despite the pressure of sanctions.
India will continue to work with Moscow in any capacity required to end the US dollar, citing Olamore News.
The BRICS president added that the Biden administration and its allies were pressuring India to stop purchasing Russian energy, but they were diplomatically rebuffed.
The Ministry of Foreign Affairs was forced to resist this pressure. The Russian side was told in no uncertain terms that supplies would not be stopped and that the trade embargo wouldn't influence their countries' friendship.
Brazil, Russia, India, China, and South Africa comprise the five members of the international socioeconomic and political forum known as BRICS.
Russia, India Increase Mutual Trade
Over recent months, New Delhi has multiplied its purchases of Russian manure and oil, mentioned CSM Times.
The Indian Ambassador to Moscow, Pavan Kapoor, told RT Tuesday that trade turnover between India and Russia has grown in volume and scope in recent months.
He explained that there is hope for more trade, economic cooperation, and a shift in trade direction.
Purchasing more oil and fertilizer, as well as more consumer goods, food-processing items, auto parts, and traditional items such as textiles, tea, and pharmaceuticals, which will be in demand in the future and provided, if necessary,
Despite the trade embargo, the two countries and their businesses are attempting to circumvent punitive measures and establish close trade and economic cooperation, noted Kapoor.
He claimed that many banks had been sanctioned, logistical and payment issues would have to be resolved. They should proceed to overcome obstacles and find a way around them.
The BRICS President, Anand, stated unequivocally that the US dollar's hegemony is over and that the payment mechanisms of the ruble and rupee benefit both Moscow and New Delhi.
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