In a recent interview with the Associated Press, Treasury Deputy Secretary Wally Adeyemo acknowledged that India will continue rejecting US and EU calls to boycott Russian oil due to the allure of cheap oil.
A notification from the RBI has announced that India now allows international trade settlement in Rupee with Russia, Sri Lanka, and other nations.
The U.S. dollar is used by nations for international transactions because it is a stable currency that is easily convertible all over the globe and because resources like oil are priced in dollars. However, will the US dollar be replaced with BRICS currencies in the near future?
On the Russian exchange, the US dollar was trading higher than the euro. This renders the dollar stronger than the euro for first time in 20 years.
Why has the euro fallen to $1 and what does it mean for the rupee? The euro’s decline in value relative to the dollar indicates that investors are shifting funds away from the Eurozone and toward the US.
India’s payment to Putin’s government is still far less than that of China. Let’s take a look at exactly what India and China are spending on Russian oil in the present market.
Europe would be on “red alert” for gas supply over the upcoming winter and it is the consequence of their actions. This comes amid reports of EU importing more U.S. LNG than Russian pipeline gas for the first time ever.
The BRICS group had before stated that it was seeking to create a shared payment network in order to reduce dependency on the Western banking system. Now, Putin has declared they are planning a new global reserve currency for the BRICS.
A new report from Reuters has stated that Russia has overtaken Saudi Arabia as China’s top oil supplier by supplying 1.98 million bpd of Russian crude oil in May.
