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

390
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

Tinubu Sacks NNPCL Board & Boss Kyari, Appoints Ojulari as Replacement

President Bola Tinubu has dismissed the board of the Nigerian National Petroleum...

Angola and DRC conflict
NewsSecurity

DR Congo, M23 Rebels to Hold First Direct Talks in Qatar on 9 April

The Democratic Republic of Congo (DRC) and M23 rebels will hold their...

U-17 Africa Cup
NewsSports

CAF U-17 Nations Cup: Golden Eaglets Absent as Morocco Thrash Uganda in Opener

The TotalEnergies U-17 Africa Cup of Nations is underway in Morocco, and...

N’Golo Kanté
HealthNews

N’Golo Kanté Donates Multi-million Medical Centre in Mali to Cater to Women and Children

French international footballer N’Golo Kanté has invested $5 million—equivalent to more than...