Russia, China, India Ditch US Dollar in 95% of Bilateral Trade: BRICS
TEHRAN (Tasnim) – BRICS members Russia, China and India have reduced their use of the US dollar in their trade by 95% which shows a sign of BRICS' growing efforts towards "de-dollarization".
In what is certainly a sign of growing BRICS de-dollarization efforts, Russia, China, and India have removed the US dollar in 95% of trade.
Secretary General of the International Chamber of Commerce (ICC) Tatiana Mohaghan revealed the massive shift in currency usage in Russia’s dealings with the two countries.
The shift was defined by a massive increase in local currency usage in the trade between Russia and the two BRICS nations. Moreover, the ICC reported that Russia’s export settlements in either the US dollar or the Euro also fell drastically. Specifically, it has fallen from more than 85% in 2021 to just 34% last year, watcher. guru reported.
Over the last year, the BRICS economic alliance has not been shy about its de-dollarization plans.
Indeed, amid increased Western sanctions on Russia, the country shifted its trade focus. As a result, the bloc has increased its overall usage of local currencies in the mutual trade.