The de-dollarization campaign has gone beyond the BRICS countries


It is widely known that the United States uses its economic influence to achieve foreign policy goals. The world has seen the United States often impose sanctions on countries that do not comply with their interests. The dominant role of the petrodollar in the world economy also provides an opportunity to have a significant impact on other economies. However, now more and more countries of the world are joining the de-dollarization campaign. Major economies such as India, China and the EU are already important players in this process.


Egypt's accession to the BRICS New Development Bank was a significant event. In particular, this provides for the transition to local currencies in mutual settlements in order to reduce its dependence on the US dollar and the euro. BRICS is working on developing its own financial infrastructure, including a joint payment network. Against this background, the accession of Egypt to the BRICS bloc only further spurs the de-dollarization campaign.

While Russia and China are leading the de-dollarization initiative due to geopolitical rivalry with the United States, India, Brazil and South Africa have also supported this program to change the global financial system in their own interests.

- indicates the Indian business portal TFI Global News.

The publication recalled that at present, about 60% of the foreign exchange reserves of the central banks of the world and approximately 70% of world trade is carried out using the petrodollar. The US accounts for only about 20 percent of world economic production, yet more than half of all world foreign exchange reserves and trade are carried out in dollars.

The BRICS initiative contains efforts to introduce a new Russian-Chinese payment system that bypasses SWIFT and integrates the Russian SPFS (financial messaging system) with China's CIPS (cross-border interbank payment system). The use of US dollars in Russian exports to the BRICS has fallen to less than 10% in 2020 from around 95% in 2013.

India has also explored plans to reduce its reliance on the dollar in the past by endorsing the idea of ​​using the rupee in trade with oil-exporting countries. Now, as Russia faces massive Western sanctions, New Delhi is leaning towards expanding the rupee-ruble settlement mechanism for trade.

Many other countries such as Argentina, Algeria, Iran, Indonesia, Turkey and Saudi Arabia are also showing interest in joining the BRICS bloc. After Egypt ratifies such a decision, the de-dollarization campaign may be further expanded in the world.

concludes the Indian edition.
  • Photos used: https://pixabay.com/
28 comments
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  1. Irek Offline Irek
    Irek (Paparazzi Kazan) 22 December 2022 09: 27
    +3
    Many countries understand that this is easy. ...

    1. Vladimir Orlov Offline Vladimir Orlov
      Vladimir Orlov (Vladimir) 26 December 2022 09: 46
      0
      "The collapse of the dollar, the strengthening of the dollar" - what's the difference ..?
      We need to develop our economy, and not brazenly plunder fossil resources under the demagogy about "the fall of the hegemon."
      When our exports take up at least 10% of world trade (now - less than 1%), then others will be drawn to the ruble.
  2. calligrapher Lev_Nikolaevich (Dmitriy) 22 December 2022 09: 29
    +4
    Since the dollar is a means of monitoring compliance with sanctions, and everyone benefits from circumventing them, it turns out that the hegemon de-dollarizes itself, degegemonizes, i.e. )
  3. trampoline instructor (Cotriarch Peril) 22 December 2022 10: 28
    -3
    The louder the members of the sect of witnesses of the collapse of the dollar bawl here, the more I am convinced that the dollar is now more alive than all the living.
    1. In passing Offline In passing
      In passing (Galina Rožkova) 22 December 2022 19: 33
      +1
      Not tomorrow, and not even the day after tomorrow, but the dollar will be withdrawn from the calculations, because it simply interferes.
  4. Jacques sekavar Offline Jacques sekavar
    Jacques sekavar (Jacques Sekavar) 22 December 2022 11: 25
    -3
    The question is what can be bought for national banknotes besides consumer goods and how to determine their exchange rate ratio among themselves.
  5. Anton Kuzmin Offline Anton Kuzmin
    Anton Kuzmin (Anton Kuzmin) 22 December 2022 16: 09
    +2
    Quote: calligrapher Lev_Nikolaevich
    Since the dollar is a means of monitoring compliance with sanctions, and everyone benefits from circumventing them, it turns out that the hegemon de-dollarizes itself, degegemonizes, i.e. )

    You expressed, and briefly, a very correct idea. I haven't met her before. Did you come up with it yourself or do you have sources? In any case, thanks. For the link, there will be a separate one.
    1. trampoline instructor (Cotriarch Peril) 22 December 2022 22: 03
      -2
      Stupidity is written there, and not the right idea, especially in the part where it is argued that it is beneficial for everyone to circumvent sanctions. For some reason, the banks of China (Russia's strategic partner) carefully comply with these sanctions. The Chinese and Indians of Russia do not pay for oil and gas, so now exports from Russia exceed imports by $270 billion.
      1. Vladimir1155 Online Vladimir1155
        Vladimir1155 (Vladimir) 23 December 2022 00: 09
        +1
        Quote: Trampoline area instructor
        The Chinese and Indians of Russia do not pay for oil and gas,

        can you confirm your nonsense? cisso instructions do not offer
        1. trampoline instructor (Cotriarch Peril) 23 December 2022 09: 12
          0
          I have long noticed that with every poke in the nose of local patriots, some kind of tsipso immediately begins to seem.

          Yes, we have dramatically increased exports to China and India. But we do not have goods that can be imported from China and especially from India on a comparable scale with Russian exports of oil, gas, oil products to these countries

          According to a source in the Russian industry, the Ministry of Industry and Trade has asked large companies to provide lists of the raw materials and equipment they need, Reuters reports. An Indian government source said the request is unusual in scope and it is not yet clear what items will be exported and in what quantities.
          The list is 14 pages long and includes pistons, oil pumps, ignition coils, bumpers, seat belts, chassis components, fuel systems, life jackets, aircraft tires, and more.
          India is seeking to boost trade with Russia to reduce its growing trade deficit, the government of the South Asian country says.
          1. Vladimir1155 Online Vladimir1155
            Vladimir1155 (Vladimir) 23 December 2022 21: 02
            0
            you look in the book, but you see .... where do you see that oil and gas are supplied to China and India supposedly for free? trade relations are simply being established and the replacement of Western imports with Eastern ones, the money received from India and China for gas and oil can be spent anywhere, buy bananas from Morocco and pineapples from Brazil
            1. trampoline instructor (Cotriarch Peril) 23 December 2022 22: 39
              +1
              And in what currency do India and China pay Russia for oil and gas?
    2. Vladimir1155 Online Vladimir1155
      Vladimir1155 (Vladimir) 23 December 2022 00: 11
      +3
      the main sanction is the robbery of those who use the dollar, with each operation a predatory emission fee is charged in favor of the United States, inflation is growing
  6. Alex D Offline Alex D
    Alex D (Alex D) 23 December 2022 02: 33
    0
    Quote: vladimir1155
    Quote: Trampoline area instructor
    The Chinese and Indians of Russia do not pay for oil and gas,

    can you confirm your nonsense? cisso instructions do not offer

    Maybe he means that the export country does not see the proceeds, because. Russia does not have its own sovereign currency and is actually a US colony following the results of the lost Cold War.
    1. trampoline instructor (Cotriarch Peril) 23 December 2022 09: 15
      0
      There the main question is, in what money to pay? Russia refused the dollar, declaring it toxic, and the Indians do not want to give rupees in such volumes, so as not to create reserves of their money in Russia.
    2. Vladimir1155 Online Vladimir1155
      Vladimir1155 (Vladimir) 23 December 2022 21: 06
      0
      since January 2022, Russia has ceased to be an American colony, do not try to understand what he meant, what I mean, all the nonsense that crazy Ukrainians are talking about, and India and China buy oil and gas from Russia for Rubles, Yuan and Rupees
  7. Anton Kuzmin Offline Anton Kuzmin
    Anton Kuzmin (Anton Kuzmin) 23 December 2022 12: 19
    +1
    Quote: trampoline instructor
    Stupidity is written there, and not the right idea, especially in the part where it is argued that it is beneficial for everyone to circumvent sanctions. For some reason, the banks of China (Russia's strategic partner) carefully comply with these sanctions. The Chinese and Indians of Russia do not pay for oil and gas, so now exports from Russia exceed imports by $270 billion.

    Reread the article again. And try to understand the essence. Maybe the banks of China and other sanctions are observed. But only in terms of turnover in dollars. But what does not concern dollars is not tracked. And, accordingly, the sanctions do not work. And the process of de-dollarization is both self-sustaining and, under certain conditions, also accelerating.
    1. trampoline instructor (Cotriarch Peril) 23 December 2022 14: 33
      -2
      Russia got rid of US government bonds and bought Chinese yuan, after which the People's Bank of China lowered the yuan against the USD. Russia has lost billions of the same dollars.

      Maybe the banks of China and other sanctions are observed.

      It doesn’t “may”, but they certainly do, only you and other couch patriots really want to be on an equal footing with China, although (as I understand it) China considers Russia a source of inexpensive energy and nothing more.
  8. Anton Kuzmin Offline Anton Kuzmin
    Anton Kuzmin (Anton Kuzmin) 23 December 2022 12: 23
    0
    Quote: trampoline instructor
    There the main question is, in what money to pay? Russia refused the dollar, declaring it toxic, and the Indians do not want to give rupees in such volumes, so as not to create reserves of their money in Russia.

    There are other options. Down to precious stones and metals. But ALL of these options are united by the fact that even a carcass, even a stuffed animal, but not in dollars!
    Z.Y. Who said dollars are money? And some have already realized that this is not money, but former money.
    1. Vladimir1155 Online Vladimir1155
      Vladimir1155 (Vladimir) 23 December 2022 21: 08
      +2
      Quote: Anton Kuzmin
      There are other options. Down to precious stones and metals. But ALL of these options are united by the fact that even a carcass, even a stuffed animal, but not in dollars!
      Z.Y. Who said dollars are money? And some have already realized that this is not money, but former money.

      everything is just like that
      1. Snail N9 Offline Snail N9
        Snail N9 (Snail) 24 December 2022 04: 40
        -2
        Well, patriot screamers do not understand what trade is. They talk like a mantra that it is necessary to sell for rubles, because dollars are, they say, "cut paper". But they do not understand that in fact, "cut paper" is a ruble. Why? I'll try to explain to them on the fingers: Russia sells the resources that are in demand on the international market. Accordingly, as a result of the sale of these resources in demand in the world, it should receive a currency in demand in the world. Otherwise, trading is meaningless. It makes no sense to receive, for a commodity in demand in the world, an unclaimed currency in the world, for which you can’t buy anything anywhere, except within your own country. Now it is clear?
        1. Vladimir1155 Online Vladimir1155
          Vladimir1155 (Vladimir) 24 December 2022 09: 56
          0
          stupid pro-Western people with limited social adaptation and weak minds do not understand the essence of world trade and trade relations in general ... if Russia supplies a DEMANDED product that consumers NEED, then these consumers will be forced to purchase rubles to pay for it !! then they will be interested in selling their products to Russia for rubles in order to purchase rubles to buy the resources they NEED, or to sell their products to those who supply something to Russia in order to purchase rubles from those suppliers, or to buy rubles from them to pay for the resources they NEED .. this is exactly what Vladimir Putin said when he said that the ruble is a reliable currency PROVIDED WITH REAL RESOURCES ..... the stupidity of all traitors, weak minds, victims of American propaganda, Hollywood fans, naive believers in TV, worshiping the golden calf in the form of green waste paper (not even gold and paper) that they don’t understand that a dollar is just a piece of paper cut, you can pay for a couple of stations on the Washington subway, or buy a bottle of stitched milk in New York for 10 dollars, and they don’t believe the ruble when the fare through West St. Petersburg costs less than a dollar and fresh milk 40 cents ..... human stupidity knows no bounds, ... save up green paper in a glass jar, it will come in handy forwall papering ... still resort to the Americans and lick their boots, because they have a salary in coveted dollars
          1. Snail N9 Offline Snail N9
            Snail N9 (Snail) 24 December 2022 22: 32
            -2
            Fu, already spattered with saliva from hatred for the "green paper", which from this did not cease to be a "hard currency", unlike the useless, "wooden" ruble .. yes
            1. Vladimir1155 Online Vladimir1155
              Vladimir1155 (Vladimir) 25 December 2022 00: 26
              0
              well, there are no arguments in you, just repeat your crazy mantra for a hard dollar, and then your beloved dollar will end soon,
  9. Anton Kuzmin Offline Anton Kuzmin
    Anton Kuzmin (Anton Kuzmin) 24 December 2022 10: 54
    0
    Quote: trampoline instructor
    Russia got rid of US government bonds and bought Chinese yuan, after which the People's Bank of China lowered the yuan against the USD. Russia has lost billions of the same dollars.

    Maybe the banks of China and other sanctions are observed.

    It doesn’t “may”, but they certainly do, only you and other couch patriots really want to be on an equal footing with China, although (as I understand it) China considers Russia a source of inexpensive energy and nothing more.

    I want a grandmother. Only to be young, beautiful, free, etc. etc. But to feel on an equal footing with China - by no means. So return to the sinful earth from the world of your fantasies.

    You signed me up for another group. While I'm on my own. And only my children are scattered around the teips. :)
  10. Anton Kuzmin Offline Anton Kuzmin
    Anton Kuzmin (Anton Kuzmin) 24 December 2022 10: 56
    0
    Quote: Snail N9
    Well, patriot screamers do not understand what trade is. They talk like a mantra that it is necessary to sell for rubles, because dollars are, they say, "cut paper". But they do not understand that in fact, "cut paper" is a ruble. Why? I'll try to explain to them on the fingers: Russia sells the resources that are in demand on the international market. Accordingly, as a result of the sale of these resources in demand in the world, it should receive a currency in demand in the world. Otherwise, trading is meaningless. It makes no sense to receive, for a commodity in demand in the world, an unclaimed currency in the world, for which you can’t buy anything anywhere, except within your own country. Now it is clear?

    Well, since you are so smart, then explain, within the framework of your theory, why the Russian Federation does not buy gold in serious quantities from its gold mining companies, which take it in rubles?
    1. Snail N9 Offline Snail N9
      Snail N9 (Snail) 24 December 2022 22: 29
      +1
      And this, just ask the "smart" "permanent leader" of the Central Bank to which, the other "permanent leader" has "no complaints." wink
  11. Anton Kuzmin Offline Anton Kuzmin
    Anton Kuzmin (Anton Kuzmin) 25 December 2022 10: 16
    0
    Quote: Snail N9
    And this, just ask the "smart" "permanent leader" of the Central Bank to which, the other "permanent leader" has "no complaints." wink

    Excellent arrow translation! respect and respect! You are not going to run for ba-alshee primaries? You have all the data for this! :)