Russia and India are increasingly moving away from the US dollar in their bilateral trade. Currently, nearly 90% of direct payments between the two nations are conducted in Russian rubles and Indian rupees, strengthening economic ties and accelerating the global shift away from the dollar.
Stronger Financial Ties Between Moscow and New Delhi – The End of Dollar Dominance?
In recent years, there has been a growing trend of de-dollarization, as many countries seek to reduce their dependence on the US currency. Russia and India have become key players in this process, with 90% of their direct payments now settled in national currencies.
📌 Russian Ambassador to India, Denis Alipov, stated in an interview with Tass:
🗨️ "Mutual payments in national currencies are stable. As of today, national currencies account for approximately 90% of direct payments between Russia and India."
🔹 Both countries are also in discussions about recognizing each other’s payment systems – Russia’s Mir and India’s RuPay. This move could further enhance financial cooperation and simplify transactions between the two nations.
Trade Between Russia and India Continues to Expand
📊 Bilateral trade between Russia and India is steadily growing:
✅ In the first 11 months of 2024, trade increased by 8.6% to reach $64.5 billion.
✅ Russian exports to India reached $60 billion (+7.7%).
✅ Indian exports to Russia rose to $4.5 billion (+23.3%).
Russia is now India’s fourth-largest trading partner and the second-largest supplier of goods after China.
🗨️ "These figures highlight Russia’s growing importance as a key trading partner for India," Alipov emphasized.
Strengthening Economic Cooperation and the Global De-Dollarization Trend
📉 The declining reliance on the US dollar in Russia-India trade is part of a broader global shift. As geopolitical and economic landscapes evolve, nations are exploring alternative financial mechanisms for international transactions.
🔹 The integration of the Mir and RuPay payment systems could streamline trade settlements and further strengthen economic cooperation.
🔹 With Russia playing an increasingly vital role as India’s key supplier, this trend is likely to continue.
📌 Will de-dollarization continue to gain momentum? If Russia and India successfully integrate their financial systems, we may witness a further weakening of the US dollar’s dominance in global trade. 🌍💱
#russia , #India , #CryptoNewss , #globaleconomy , #worldnews
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