New Economic Alliances: Russia, India, and Africa Move to Sideline the US Dollar
Russia, India, and several African nations are shifting towards using national currencies in trade, reducing reliance on the U.S. dollar.
This move, part of a broader trend of dedollarization, aims to strengthen economic sovereignty and minimize exposure to dollar fluctuations. At a recent Russian-African conference, participants emphasized the importance of using local currencies for transactions and securing transport corridors to support this trade model.
Indian Foreign Minister Subrahmanyam Jaishankar also highlighted the value of settling trade in national currencies. Particularly through mechanisms like Special Rupee Vostro Accounts. These developments, along with new agreements and BRICS initiatives, are set to reshape global trade dynamics.
Clever Robot News Desk 13th November 2024
