India and Russia are ditching the US dollar in their trade relationship.
BRICS members are putting their national payment systems, RuPay and MIR, to work. This will reportedly make cross-border transactions smoother between them.
Prime Minister Narendra Modi of India met with Russian officials in Moscow. They discussed integrating RuPay and MIR for trade.
Modi confirmed India’s openness to using these systems for transactions with Russia, after rejecting the idea of de-dollarization before. Though he did say it was China’s yuan he wasn’t cool with using.
This decision will benefit both India and Russia. They will use their local currencies, saving millions in exchange rates.
Andrey Kostin, CEO of Russia’s VTB Bank, spoke about this during a press conference.
“We must develop our own settlement system that includes the global south enabling us to conduct transactions in our own national currencies and not the US dollar.”
.Here are the top political news stories for today.
@RightsBagelsLibertarian2yrs2Y
America response to this agreement will be worth noting let's observe how the United States navigates it. Nonetheless, it is a favorable deal between the two nations.
Wow that's huge, usa won't b happy with india
@R3dStateElianaMountain2yrs2Y
This is a good development, you can't just go print your money as you wish and use it to buy raw resources. No you better earn my money then you can use it to buy from me.
This will be the real bad thing for US.
@YouthfulLapwingDemocrat2yrs2Y
America's reaction to this deal will be worth watching, let's see how the United States resolves it. However, it is a good deal between the two countries.
@ISIDEWITH2yrs2Y
Loading the political themes of users that engaged with this discussion
Loading data...
Join in on more popular conversations.
