Russia Ditches Dollars: BRICS and SCO Embrace National Currencies!

Russia’s decision to ditch dollars is a significant shift in the global economy, as it, along with other BRICS and SCO nations, such as China and India, moves towards embracing national currencies in international trade. The use of dollars for payments for Russian exports of oil and oil products fell to 5% of the total volume, while in yuan it rose to 67%.

This trend of de-dollarization is gaining momentum, with major implications for the oil trade and energy markets. The collapse of the petro-dollar system is being driven by the growing importance of alternative currencies and the desire for de-dollarization trends to reduce dependence on the US dollar. As BRICS nations, including Russia, China, and India, continue to expand their economic cooperation, the use of national currencies in international trade is becoming increasingly prominent. The SCO, or Shanghai Cooperation Organization, is also playing a crucial role in promoting regional cooperation and reducing reliance on the dollar.

This shift in global economics and geopolitics is having far-reaching consequences for international relations, energy geopolitics, and the global currency market. With the rise of BRICS and SCO, the world is witnessing a significant transformation in the energy market and oil geopolitics, as countries seek to reduce their dependence on the dollar and promote their own national currencies. The implications of this trend are being closely watched by economists, politicians, and industry experts, as the world navigates this new era of international economics and global currencies.

Russia’s economy, in particular, is expected to benefit from this shift, as the country reduces its reliance on the dollar and promotes its own currency in international trade. The future of global trade and economics will likely be shaped by this growing trend of de-dollarization, as countries seek to promote their own national interests and reduce their dependence on the US dollar. Join in to learn more as Rhod Mackenzie looks into the fact that more than 90% of payments for raw materials and fuel are made using currencies from friendly countries and the ruble.