BRICS: Russia Settles 85% Trade in Local Currency, Sidelines US Dollar
BRICS member Russia is bypassing the US dollar and strengthening its native economy by accepting the local currency, the Russian Ruble for trade settlements. The share of Russia’s trade transactions in local currency with other BRICS members reached 85% in January 2024. Russia is clearly bypassing US sanctions and accepting local currency with BRICS members and sidelining the dollar. Also Read: BRICS : UAE Pays China With New Digital Dirham, Ditches US Dollar This puts Russia in an advantageous position as the Ruble is being used for cross-border transactions by BRICS members. The move helps the Russia n economy stay afloat despite the sanctions imposed by the US. Read here to know how many sectors in the US will be affected if BRICS stops using the dollar for trade. BRICS: 85% of Trade in Russia Settled in Local Currency, Not US Dollar Source: pics.alphacoders.com Russia’s Central Bank Governor Elvira Nabiullina confirmed that BRICS members are increasingly ...