SCO & BRICS latest news and insights
By Rhod Mackenzie
Russian electronics importers have stopped using dollars and euros for payments and are now using currencies such as yuan and dirhams from friendly countries, according to news reports. This has helped to avoid price increases for equipment and, in some cases, even reduce prices....
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...
By Phil Butler
As of the time of me writing this , US dollar reserves have fallen by 6.5% as foreign central banks cut ties with the currency. The BRICS countries, especially those in the global South, are leading the charge to depart from the decades-long dominance of the American currency. China...
By Rhod Mackenzie
In recent years, the world has faced various shocks such as pandemics, military conflicts, and sanctions. These events have led to changes in the financial system, which China is capitalising on by promoting the yuan as an alternative to traditional payment units.
Russia also...
By Rhod Mackenzie
The share of so called 'toxic' currencies in the Russia's export trade payments has nearly halved since the beginning of the year. In October, it accounted for only 24.7% of total revenues, according to the data of the Bank of Russia. The primary reasons for this are the sanction...
By Rhod Mackenzie
According to Thomas Hill, a former senior State Department official and the current director of the North Africa program at the American Institute of Peace (USIP), the recent expansion of BRICS should concern the United States. Hill explains that new members and prospective membe...
