The post BRICS News: Russia and India Strengthen Financial Ties with 90% of Trades in National Currencies Reducing USD Reliance appeared on BitcoinEthereumNews.com.

Russia and India now conduct nearly 90% of direct transactions in national currencies, strengthening financial ties and reducing reliance on the U.S. dollar. India-Russia trade surged 8.6% to $64.5 billion in 2024, with Russia ranking as India’s second-largest supplier, trailing only China. A major shift in global trade is unfolding as two members of BRICS nations, Russia and India, move away from the U.S. dollar in their financial dealings. Nearly 90% of direct transactions between the two countries now occur in their respective national currencies, marking a significant leap in economic cooperation. Russian Ambassador to India Denis Alipov confirmed deeper financial integration. Speaking to Tass, he highlighted the stability of mutual payments, emphasizing that national currencies now account for nearly all direct transactions. The settlement in national currencies between the two countries is stable, and currently, about 90% of direct transactions are conducted in national currencies, With the increasing use of the Russian ruble and the Indian rupee, discussions are also underway regarding the mutual recognition of Russia’s Mir and India’s RuPay payment systems. If implemented, this could make cross-border transactions smoother and further deepen financial ties. Moscow Strengthens Grip as India’s No. 2 Supplier Economic cooperation between Moscow and New Delhi is advancing steadily. Indian data indicate an 8.6% rise in bilateral trade over the first 11 months of 2024, totaling $64.5 billion. Alipov highlighted Russia’s expanding role as a major supplier to India. Russian exports climbed 7.7% to $60 billion, while Indian shipments surged 23.3% to $4.5 billion. Russia now ranks among India’s top four trade partners and holds second place in product supply volume, trailing only China. “Russia is India’s fourth-largest trading partner and the second-largest supplier by volume, following China,” he said. A growing shift toward national currencies in trade reflects a global push for de-dollarization.…

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Filed under: News - @ February 14, 2025 6:26 am