Home News BRICS: India, Russia To Create New National Payment Systems, Ditch US Dollar

BRICS: India, Russia To Create New National Payment Systems, Ditch US Dollar

BRICS: India and Russia To Create New National Payment Systems, Ditching US Dollar

BRICS members India and Russia have created new partnerships using their national payment systems to ditch the US dollar—the partnership would oversee how India’s payment system, RuPay, and Russia’s MIR system can be integrated for seamless cross-border transactions between the two nations.

This was disclosed Monday during India’s Prime Minister, Narendra Modi’s visit to Russia to strengthen the India-Russia relationship, including boosting energy and trade ties and agreeing to a resolution to ramp up trade to $100 billion by 2030 from the current $65 billion.

During the meeting, India reportedly confirmed that it was open to trade with BRICS counterpart Russia using the RuPay and MIR systems, leaving the dollar out of trade terms with the two countries.

The two countries stand to gain significantly from this de-dollarisation approach. By conducting trade in their local currencies, India and Russia can potentially save millions in exchange rates, furthering their mutual monetary terms and advancing the de-dollarisation agenda of the BRICS bloc.

In a corroborative tone, the CEO of Russia’s VTB Bank, Andrey Konstin, confirmed the development during a press conference with Russia’s Sputnik on Wednesday.

We (BRICS) must develop our settlement system that includes the global south, enabling us to conduct transactions in our national currencies” and not the US dollar,” Kostin said.

“India has a positive attitude towards working with Russia,” he added.

The CEO further explained that the RuPay and MIR payment systems could soon be integrated for trade settlements. “We will make some progress given the existing complexities,” he said, adding that BRICS wants to be free from the US dollar, Euro, and Western currencies.

Read more: Belarus President Lukashenko Hosts First Lady Oluremi Tinubu to Discuss Agriculture and Education Partnership

About The Author

Related Articles


Sudan War: RSF Leader Agrees To Attend US-Mediated Ceasefire Talks

The paramilitary Rapid Support Forces (RSF) has agreed to participate in US-mediated...


NIGER: Dismissed Employees of Chinese Oil Company Protest Nonpayment of Salaries

Nigerien employees of a Chinese oil company, CNPC, who are working on...

NLC Planned Protest

NLC Denies Withdrawing From Planned Protest, Stands In Solidarity With The People

The Nigeria Labour Congress, NLC, has denied reports that it has pulled...

Netflix Subscription Prices Nigeria

Netflix Increases Subscription Prices In Nigeria For The Second Time In 3 Months

Netflix has raised its subscription prices again in Nigeria. The Premium Plan...