Home News Finance BRICS: China, Russia Announce New Partnership Deal to foster de-dollarisation plan
FinanceNewsWorld

BRICS: China, Russia Announce New Partnership Deal to foster de-dollarisation plan

506
BRICS: China and Russia Announces New Partnership Deal to foster de-dollarization plan
Source: a2zanimals.com

Following the US sanctions on Russia and China, the BRICS members have announced a new partnership deal aimed at fostering a multipolar world.

Since what both countries called “illegal sanctions” by the US were placed, Russia and China are looking to reshape the global financial system, which heavily depends on US dollars.

This new partnership led Russia’s Foreign Minister, Sergey Lavrov, to meet with Chinese President Xi Jinping on Tuesday to discuss ways to advance the new financial ideals.

Essentially, both countries want to ditch the US dollar while implementing local currencies, which is encouraged in trading.

Therefore, BRICS coordination to create a new global financial market trading based on local currencies against the dollar will help Russia and China avoid the US economic sanctions.

“China has always attached great importance to the development of Sino-Russian relations. And is willing to work with Russia to intensify bilateral communication. Strengthen multilateral strategic coordination in the BRICS group and the SCO. Demonstrate greater responsibility, unite the Global South countries, and promote reform of the global governance system,” Jinping said.

Meanwhile, African countries that have yet to become members of BRICS are increasingly applying to join the multipolar force build-up to hedge against the dollar in global economic trading.

About The Author

Written by
Mayowa Durosinmi

M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

Related Articles

News

Côte d’Ivoire Arrests, Extradites Beninese Journalist to Cotonou

A Beninese journalist, Comlan Hugues Sossoukpè, known for his criticism of President...

Nigerian Senate President, Godswill Akpabio, has filed a formal appeal seeking to overturn a recent federal high court judgment that ordered the Senate to lift the suspension of Senator Natasha Akpoti-Uduaghan, who represents Kogi Central.
NewsPolitics

Nigerian Senate President, Akpabio Appeals Court Ruling Overturning Suspension of Senator Natasha

Nigerian Senate President, Godswill Akpabio, has filed a formal appeal seeking to...

Nigerien Armed Forces
NewsSecurity

Niger Army Destroys Terrorist Base Near Nigerian Border, 15 Militants Neutralised

The Nigerien Armed Forces have successfully destroyed a major terrorist base near...

News

Ghana’s Prisons to Produce 20% of Sanitary Pads, 30% of Desks and Uniforms for Schools– Interior Minister

The Minister for the Interior, Hon. Muntaka Mubarak, has announced that inmates...