BRICS Trade Soars: Russia & India Settle $40 Billion in Local Currency

The landscape of international trade is shifting, and the BRICS nations are leading the charge. Amid BRICS’ overarching de-dollarization efforts, both Russia and India have settled $40 billion worth of trade in local currency. Indeed, the two nations have exceeded the astronomical total, marking a significant milestone in their bilateral economic relations and pushing the boundaries of traditional global finance.

Both Russia and India have reached a new milestone in their economic exchanges, settling $40 billion worth of trade in their local currencies. This record has been achieved as BRICS nations have decided to boost trade using local currencies and explore new financial infrastructures.

This move highlights a broader trend within the BRICS alliance: a concerted effort to reduce reliance on the US dollar in international transactions. BRICS nations agree to strengthen trade and financial settlement in local currencies, study feasibility of an independent cross-border settlement and depositary. The focus now is on developing alternative mechanisms for cross-border payments that are less susceptible to geopolitical pressures and currency fluctuations.

The $40 billion settlement between Russia and India is just one example of this growing momentum. It demonstrates the practical feasibility of conducting large-scale trade in currencies other than the dollar. This achievement is expected to encourage other BRICS members and trading partners to explore similar arrangements, further accelerating the de-dollarization process. They agreed to study the feasibility of an independent BRICS.