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In a bold move, Russia paid $4 billion for Indian-made arms using local currencies, sidelining the US dollar entirely. This significant transaction underscores the BRICS members India and Russia ditched the US dollar and settled payments worth 4 billion in local currencies Russian exporters purchased Indian-made arms Russia purchased arms manufactured by its BRICS counterpart India by paying $4 billion in local currencies and not the US dollar. The Indian-made arms and The “BRICS Bridge”, a digital payment platform, aims to facilitate trade in local currencies, while “BRICS Clear”, an independent financial messaging system, offers an After BRICS, a new alliance has kick-started the de-dollarization process and is using local currencies for trade and not the US dollar. The Commonwealth of

BRICS Ditches US Dollar: $4 Billion Trade Settled in Local Currencies

The world is watching as BRICS nations increasingly opt for local currencies in international trade, moving away from reliance on the US dollar. In a bold move highlighting this trend, Russia and India, key members of BRICS, have finalized a significant arms deal using their own currencies.

$4 Billion Arms Deal: Russia Pays India in Local Currencies

Russian exporters purchased Indian-made arms for a staggering $4 billion, entirely sidelining the US dollar. This significant transaction underscores the growing commitment within the BRICS bloc to de-dollarization. Russia purchased arms manufactured by its BRICS counterpart India by paying $4 billion in local currencies and not the US dollar.

This monumental transaction demonstrates the practical application of BRICS\' ongoing efforts to reduce dependence on the US dollar in international trade. The Indian-made arms deal marks a turning point, showcasing the feasibility of settling large-scale international payments in local currencies.

BRICS\' Push for De-Dollarization: "BRICS Bridge" and "BRICS Clear"

The use of local currencies for this $4 billion trade aligns perfectly with the BRICS\' broader strategy to establish alternative financial mechanisms. The “BRICS Bridge”, a digital payment platform, aims to facilitate trade in local currencies, while “BRICS Clear”, an independent financial messaging system, offers a secure alternative to traditional Western systems.

The Rise of Local Currency Trade: A New Era After BRICS?

After BRICS, a new alliance has kick-started the de-dollarization process and is using local currencies for trade and not the US dollar. The Commonwealth of [independent states/nations] and other global partnerships are also exploring similar strategies, indicating a potential paradigm shift in international finance. This $4 billion trade between India and Russia using local currencies is a concrete example of this change in action.

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