SCO & BRICS latest news and insights
By Rhod Mackenzie
Chinese oil refiners have replaced their Indian counterparts, who reduced purchases of Russian Sokol oil due to fear of American sanctions. In February, Chinese oil refiners, mostly private owners, purchased an average of 168 thousand barrels of Sokol daily, three times more than...
By Rhod Mackenzie
In 2023, Russia and India significantly increased their trade turnover by 1.8 times, reaching a record of $65 billion. As a result, Moscow has become Delhi's fourth largest trading partner, according to calculations by RIA Novosti and the Indian statistical service.
Towards the...
By Rhod Mackenzie
India has started buying Russian Sokol again oil after a two-month break according to a Reuters report.
At least two Indian oil refineries received supplies of light sweet crude from Russia in February, agency sources said. Among the companies that have acquired Sokol is India...
By Rhod Mackenzie
The Mir card, CNAPS, and CIPS are financial messaging systems used for national domestic and cross-border interbank payments in Russia, China, and Iran respectively. These systems were seen as potential alternatives to the Western-dominated payment systems. However, this percepti...
By Rhod Mackenzie
According to a statement released by the Ministry of Foreign Affairs earlier this week, Egypt intends to negotiate a transition from the US dollar to national currencies for trade settlements with other BRICS countries.
The ministry stated that using national currencies would r...
By Emil Boev
The Bretton Woods system was created in 1944 and gave the American dollar an unprecedented role as the world's reserve currency. It also established a fixed exchange rate between the dollar and gold, with approximately one gram of gold per dollar. Individuals were able to exchange pap...
