SCO & BRICS latest news and insights
Amidst the ongoing Russia-Ukraine war, more countries have shifted from decades-long petrodollar, as over a fifth of global oil trade in 2023 were completed in currencies different from the U.S. dollar.
Coming at a time when operators in Nigeria are seeking ways to settle domestic oil and gas trad...
In December of last year, trade between Russia and Brazil increased by 1.8 times, reaching $1.6 billion for the first time. This was due to a record volume of Russian petroleum product supplies, according to RIA Novosti calculations based on data from the Brazilian statistical service.
At the end...
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BRICS nations Russia and China have eliminated Western currencies, including the US Dollar, from their bilateral trade, achieving a $200 billion trade turnover ahead of schedule. Payments are now made using Rubles and Yuan, with Russia’s Prime Minister Mikhail Mishustin revealing a move from 20%...
By Rhod Mackenzie
Now the banks of Russia and Iran have the opportunity to carry out transactions directly, both countries have connected their systems for transmitting financial messages, Mohsen Karimi, deputy head of the Central Bank of Iran for international affairs, told the Fars news agency....
By Dr Arvind Gupta
Relations between New Delhi and Moscow have continued to strengthen despite Western sanctions on Russia. India, exercising its strategic autonomy, refrained from openly criticizing Russia's military actions in Ukraine, much to the West's disappointment. This was stated by Arvind...
The expanded BRICS, the association of major developing economies, could become a platform for a self-sufficient dollar-free grain market, economists say.
BRICS – which is an acronym for Brazil, Russia, India, China, and South Africa – added net grain importers Egypt, Ethiopia, Iran, Saudi Arabia,...
