BRICS: Russia & India Settle $40B of Trade in Local Currency

Joshua Ramos
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Source: Alexandr Demyanchuk / Sputnik / AFP via Getty Images

Amid BRICS’ overarching de-dollarization efforts, both Russia and India have settled $40 billion worth of trade in local currency. Indeed, the two nations have exceeded the astronomical total in bilateral trade through just three-quarters of 2023.

The figures denote what is already a record high in trade participation between both BRICS members. Additionally, Russia’s Deputy Minister of Economic Development of the Russian Federation, Dmitry Volvach, said that this year would “renew our historical record of mutual trade.”

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In Three Quarters, Russia And India Trade Reaches Record Levels

In a geopolitical sense, this year was an unprecedented success for the BRICS alliance. Indeed, it has enacted de-dollarization initiatives to inch closer to its goals of global multipolarity. Moreover, it expanded its membership base to include five new nations. Yet, the economic landmarks from the alliance are plentiful as 2023 is set to come to a close.

Specifically, new data from the BRICS nations shows that both Russia and India have settled $40 billion worth of trade in local currency. Moreover, those figures have occurred through just the first three quarters of the year and represent what is already record production from the bilateral nations.

Also Read: Trade Between BRICS Countries To Reach $500 Billion

Russia identified its growing import measures as leading to increased trade opportunities with India. However, they also disclosed that exports from Russia into India had also more than doubled through the year’s first three quarters. Ultimately, exceeding trade activity worth more than 3.5 trillion rubles.

Altogether, the bilateral trade relationships with BRICS nations will only feed its greater goals. Specifically, the bloc’s de-dollarization plan to limit Western influence abroad will be better served by more local trade activity. These kinds of records will likely continue to be threatened as trade activity grows well into 2024. Specifically, the new batch of five countries is set to officially enter the fray.