De-Dollarization Push: India and Russia Unite Against U.S. Currency Dominance
BRICS allies are set to conduct a vital meeting as India’s Prime Minister, Narendra Modi, has officially arrived in Moscow, Russia. Indeed, Modi has arrived in the country for the first time since 2019 to begin what is a two-day visit with Russian leader Vladimir Putin. The two sides are expected to discuss the US dollar, and lessening its prevalence.
The meeting is aimed at “reinforcing the relationship,” between the two BRICS nations. Their first visit in five years, Modi and Putin are set to continue establishing bilateral prospects. Moreover, the two sides are likely to engage in de-dollarization talks, solidifying the focus of the economic alliance.
India’s Prime Minister Visits Russia for First Time in 5 Years
Source: Pixabay
With bilateral cooperation dating back to the Cold War, BRICS partner nations India and Russia are set to engage in a vital meeting. The two-day gathering will see India’s Prime Minister Modi and Russia’s Putin commune in Moscow for the first time since 2019, and the start of the Ukraine conflict.
Both sides target increased cooperation. Specifically, India’s Minister of External Affairs said both leaders are set to “review the entire range of multifaceted relations between the two countries and exchange views on contemporary regional and global issues of mutual interest.”
The US dollar will certainly be a point of discussion. Russia has recently completely de-dollarized trade with Iran. With that being a main focus of the BRICS bloc, those conversations are expected to take place this week.
Source: Alexandr Demyanchuk / Sputnik / AFP via Getty Images
The group is already developing a native payment system. Iran’s Ministry of Foreign Affairs had recently told Russian state media its hopes for the project. Specifically, it expects the de-dollarization mechanisms that the two countries have developed to “extend” to the entire economic collective.
The relationship between Russia and India has strained in recent years. That is mostly due to the former’s increased relationship with China. However, the current trip is likely to reinforce the longstanding cooperation. Moreover, it should only strengthen the BRICS group as a whole.
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