Are Russia and India trading in their own national currencies?

Purnima Anand, President of the BRICS International Forum, said that Russia and India no longer need US dollars for mutual agreements.

Anand told reporters last week that a new mechanism was established between the two countries using only rubles and rupees.

According to the Russian state news agency RIA, Anand said, “We have implemented the mutual settlement mechanism in rubles and rupees, and our countries do not need to use the dollar in mutual agreements.” he said.

Critical week in the markets: Fed will take the expected step

On the other hand, US Treasury Vice-President Adeyemo visited India last week and urged the country to impose a price cap on Russian oil.

Earlier this summer, Russian President Vladimir Putin said that Brazil, Russia, India, China and South Africa (BRICS) are developing a new basket-based reserve currency.

Leave a Comment