Today : 12/3/2024
Russia, China, and India have ditched the US dollar in 95% of their trade transactions in what is certainly a sign of growing de-dollarization efforts by the three main members of the BRICS bloc of emerging economies, a report by Watcher.guru website shows.
The report published on Wednesday quote Secretary General of the International Chamber of Commerce (ICC) Tatiana Mohaghan as saying that Russia’s dealings with China and India has massively shifted in favor of local currencies.
Moreover, figures by the ICC shows that Russia’s export settlements in either the US dollar or the Euro have also fallen from more than 85% in 2021 to just 34% last year, said the report.
Members of the BRICS were not shy about their de-dollarization plans last year as the bloc increased its overall usage of local currencies in bilateral trade.
Russia has tried to shift its trade focus amid increased Western sanctions on its economy.