De-Dollarization Push: India and Russia Unite Against U.S. Currency Dominance

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.