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The White House pressed sanctions against Russia in February 2022 for its role in invading and waging war against its neighboring country Ukraine. The Russian economy came to a standstill as it struggled to conduct business with other countries without the US dollar. However, BRICS came to the rescue of Russia, as the alliance kick-started the de-dollarization initiative and began using local currencies for crude oil payments sidelining the US dollar. Also Read: BRICS : 15 Countries to Ditch US Dollar for Oil Trade? BRICS members China, India, Saudi Arabia, and the UAE, among others, paid the Chinese Yuan for Russian oil and not the US dollar. Russia is now exporting crude oil to BRICS and other developing countries without accepting the US dollar as payment. The majority of the cross-border transactions are settled in local currencies like the Chinese Yuan and Ruble. Additionally, Saudi Arabia procured cheap Russia n Oil and also laundered it throughout Europe. Russia n cr...

The Russian ruble is outperforming the US dollar in November this month despite facing economic sanctions from the White House. The BRICS nation’s local currency, the Russian ruble, surged by a massive 12% in two weeks against the US dollar. While the US dollar performed better against other BRICS nations’ currencies, it failed to contain the Russian ruble in November. Also Read: BRICS : 155 Countries Sign Belt & Road Initiative With China For Trade The ruble had reached a low of 100.50 last month as the US dollar surged against all currencies, commodities, and gold. However, the US dollar weakened in November as the Fed’s rate cut remain unclear. The dollar also dipped after the jobs report came out showing unemployment rising from its previous monthly high. Source: Yahoo Finance So how is BRICS country Russia managing to keep its local currency, the Ruble , on top of the US dollar? In this article, we will highlight what made the Ruble outperform th...

There is no technical reason preventing Russia from creating its own blockchain-based system, blockchain provider Fuse Network's CEO believes. The adoption of Blockchain is the right direction for Russia to solve its current settlement issues , according to an executive at Russia’s largest bank, Sberbank. Blockchain technology has matured over the past few years to offer new capabilities that potentially enable Russia to create more efficient payment systems, Sberbank’s first deputy chairman Alexander Vedyakhin said. On March 14, Vedyakhin took part in the meeting of Russia’s Federation Council on the budget and financial markets committee, highlighting the promising future of Blockchain in Russia, the local news agency Interfax reported. According to Vedyakhin, the distributed ledger technology (DLT) is a great foundation for a new payment system due to its decentralized nature and privacy-enabling features. He stated: “Because it’s a distributed ledger, there is no single point...