SCO & BRICS latest news and insights
By Rhod Mackenzie
At the recent SCO summit in Astana, Iran again raised the topic about the creation of a single currency for the countries that are part of the BRICS. In addition, for several months now, at the instigation of the President of Brazil, the idea of creating a common BRICS currency...
In collaboration with the central banks of the other BRICS countries, Russia is developing the BRICS Bridge platform for trade settlements in national currencies, including digital ones, according to Deputy Finance Minister Ivan Chebeskov.
This could be, for example, a digital ruble, yuan or rial o...
By Rhod Mackenzie
Despite vocal opposition, the European Union continues to trade with Russia. In March, the Russian Federation received a record level of revenue in rubles for exports from European countries, with the share of the Russian currency reaching 58.5%. The energy sector obviously playe...
By Rhod Mackenzie
The presidents of Russia and China have signalled their willingness to collaborate on a solution to the challenges posed by US sanctions on trade settlements. How can Moscow and Beijing remove the third party from trading with each other?
Following negotiations with Chinese Pres...
By Rhod Mackenzie
The Russian President Vladimir Putin noted that approximately 90% of all payments between Russia and Beijing are currently conducted in rubles and yuan. He further stated that the joint decision to transfer bilateral payments into national currencies was a timely one, and that it...
By Rhod Mackenzie
The scheme proposed in India for using the rupees of Russian suppliers for export to third countries can be implemented under two conditions: the discount on the return of proceeds must be less than the existing one, and India will have to form a sufficient pool of orders for its...
