De-Dollarization Advances: Russia and China Ditch US Currency in Their Trade Settlements

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Feeble and ineffective US President Joe Biden’s administration from hell is rapidly squandering away America’s soft and hard power – to the point where multipolarity is starting to take a life of its own.

The BRICS countries, who represent 29% (and rising) of the world’s GDP, has vowed to undertake a process of dedollarization of their trade settlements.

Read: “You Will Never Defeat Us” – Russia Downplays New Sanctions Package, as Moscow Expected to See Bigger Economic Growth Than US or the EU

The group foremost countries, China and Russia, are on the forefront of this process, so much so that we learn from a WION report that “Russia and China have completely abandoned the use of Western currencies, including US Dollar, in their bilateral trade, said Russian Prime Minister Mikhail Mishustin on Tuesday (Dec 19).”

PM Mishustin spoke in Beijing, while in a meeting  with his Chinese counterpart Li Qiang, during the Russia-China Financial Dialogue forum.

“’We continue to increase the share of national currencies in mutual settlements. If in 2020 this figure was about 20 per cent, then this year we have actually completely gotten rid of the currencies of third countries in mutual settlements’, Mishustin was quoted as saying by Russian media.”

Business ties between the two nations have reached $200 billion ahead of schedule – there’s some irony here that this amount is calculated in dollars.

Read: BRICS Summit, Day One: Xi Hypes the ‘Global South’, Putin Sees ‘Alternative to G7’, Modi Touts Indian Economy, Lula Calls for Common Currency, Ramaphosa Stresses Ties Between Members

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“’We are creating comfortable conditions for the work of commercial firms on the Russian and Chinese markets. We have an extensive joint agenda’, Mishustin said.

Apart from abandoning the US dollar in its trade with China, Russia is also urging the BRICS organization to develop financial relations and make mechanisms for settlements within the bloc.”

Read: BRICS Summit: War, Commerce, 2 Moon Landings, 40 Hopeful Countries, and Talk of a Gold-Backed Common Currency to Tackle the US Dollar

Brazil, Russia, India, China, and South Africa have been discussing ways to facilitate payments in local currencies between member countries.

Russian Finance Minister Anton Siluanov:“We need to further develop financial cooperation within the BRICS countries. Here we see opportunities to develop a payments system that would be independent of the infrastructure, which does not always fully fulfill the goals of individual countries.”

Read more:

Belt and Road Summit: Honored by China, With a Host of Bilateral Meetings, Putin Is Much Less Isolated Than Western Propaganda Would Have You Believe

 

 

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