India & Russia Take Major Step to Ditch the US Dollar in Trade
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Following the continued de-dollarization efforts of the BRICS group, India and Russia have taken a major step to ditch the US dollar in trade. Both sides recently met for a landmark meeting earlier this year. Indeed, India’s Prime Minister Narendra Modi met with Russia’s President Vladimir Putin in Moscow in early July.
One of the meeting’s most important points was continued bilateral trade growth. The two sides have sought to increase cooperation in an important way. During the meeting earlier this summer, Putin called the relationship “one of a particularly privileged strategic partnership.”
India and Russia Take Huge Step to Rid Trade of the US Dollar
Throughout this year, Russia has sought to continue
establishing economic partners that will avoid trade in the US dollar. This pursuit has been largely successful. Its recent stance on crypto shifted over the last month, opening doors to trade deals with nations like El Salvador.
Now, one of its BRICS allies is set to continue that effort, as India and Russia have taken a major step to ditch the US dollar in trade. Specifically, Reuters reports that Indian central bank officials traveled to Moscow this week. The focus of the meeting was de-dollarization.
The officials reportedly discussed the creation of a “mechanism to expand local currency trade,” between both nations. The move would attempt to combat growing payment issues. Those are specifically tied to sanctions being placed on Russia following the Ukraine invasion in 2022.
