BRICS: Russia & India No Longer Need U.S. Dollar

BRICS President: We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements. And today a similar mechanism of mutual settlements in rubles and yuan is being developed by China Image | Alan Santos/PR | CC-BY-2.0

By Donald Standeford, SJ Founder/Publisher
August 28, 2022 01:20 am UTC
Modified: August 28, 2022 01:20 am

BRICS - The president of the BRICS International Forum, Purnima Anand told reporters on Thursday that both Russia and India no longer need the U.S. dollar, as they have "turned to national currencies to conduct mutual settlements," according to Russian state news RT.

The BRICS president stated, "We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements. And today a similar mechanism of mutual settlements in rubles and yuan is being developed by China," according to Russian State news agency RIA Novosti. She also said that mutual trade between both Russia and India has grown by five times in the last 40 years.

RT reported that Anand stated New Delhi considers itself a neutral party in regards to the sanctions that have been placed upon Russia by the West, and that despite the pressure of sanctions, it will continue to cooperate with Russia "in any areas where necessary".

"When Russia’s military operation in Ukraine began, naturally there was pressure on India to stop importing Russian oil. But the Ministry of Foreign Affairs had to reject this pressure. The Russian side was assured that supplies would not be stopped and the sanctions regime would in no way affect the relationship between our countries," she said.

BRICS is an acronym that was coined to describe five major emerging world economies including Russia, China, Brazil, India, and South Africa which all meet at annual summits, and was initially founded on June 16th, 2009.

The BRICS countries account for over three billion people, or roughly 40% of the world's population and 25% of the global GDP.

Another report by Russian state news agency TASS on August 20th, entitled "Russia moves away from ‘toxic’ dollar and euro in economic relations with partners", quoted Russia’s Deputy Foreign Minister Alexander Pankin saying that it is necessary to "switch to settlements" in an "acceptable alternative, primarily national currencies".

The report cited Pankin as saying that Russia will move away from both "the dollar and the euro" in "commercial, economic, and investment relations" with partners, due to the fact that Russia sees these currencies as having become 'toxic' in light of "growing pressure from the West".

Pankin stated, "Against the growing geopolitical pressure from the ‘collective West’, the only way to guarantee stable trade, economic, and investment ties between Russia and its partners is to avoid the use of currencies that have become ‘toxic’, primarily the US dollar and the euro, and switch to settlements in acceptable alternatives, primarily in national currencies".

He added that the current system, built by Washington has proven to be "unsuitable for the conditions of a multipolar world order and has essentially become an instrument for achieving political goals of one group of countries".

"It is quite obvious that in the current conditions the West intends to continue to abuse its privileged position," Pankin continued. "It is encouraging to see that many nations, seeing extraordinary and illegitimate sanctions against Russia, are thinking about the need to de-dollarize foreign economic activity to ensure their sovereignty. As it turned out, if there is political will, the issue is quite solvable," he added.

On June 18th, 2020 John McAfee put out a Tweet saying that he was working with BRICS, and said that the goal of BRICS was total independence of the U.S. dollar, and U.S. financial "instruments and institutions".

He had also posted an article entitled, "BRICS Nations Discuss Shared Crypto to Break Away From USD and SWIFT".

In late June, Russian President Vladimir Putin stated that the BRICS countries were working on a new global reserve currency, and said at the BRICS International Forum, "The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out". He also said that the member states were working on alternative ways to make international payments possible.

The bitcoin.com news feed at the end of June reported that the BRICS nations have revealed they are "creating an international reserve currency," that analysts believe is meant to challenge the United States dollar, as well as the International Monetary Fund's Special Drawing Rights (SDR) currency.

The bitcoin news feed also said that former president Donald J. Trump had warned of depression in the United States, and cited Rich Dad Poor Dad author Robert Kiyosaki, who claimed that the United States is in for the "biggest bond crash" in over 200 years.

During our research, we also found a Twitter account, and associated website for Bric Coin: Twitter | Website. We were not able to access the website with any known proxies, however, and have concluded that the server it's on must be locked to certain Geo-locations.