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Post by TsarSamuil on Aug 8, 2018 17:02:48 GMT -5
BRICS trade surges by 30% as global market influence of developing economies grows – Putin.
RT.com
26 Jul, 2018 13:13
Russian trade with fellow BRICS countries has grown significantly in the last year, and the country wants to keep the momentum going, said President Vladimir Putin in his opening address at the BRICS Summit in South Africa.
The 10th annual BRICS summit takes place in Johannesburg, South Africa on July 25-27, where the leaders of governments of the five member states (Brazil, Russia, India, China, and South Africa) meet to discuss cooperation in political and socio-economic affairs.
“Strengthening trade and investment ties with BRICS partners is one of the key priorities for Russia, and by the end of 2017 our trade with other members of the association grew by almost 30 percent, surpassing $102 billion, and we are determined to do our utmost to further increase trade within the BRICS,” Putin said on Thursday.
The Russian president added that the BRICS New Development Bank should open branches in all member countries of the bloc.
“I support the idea of opening regional offices of the bank. The talks on this are being held with Brazil. We expect that, as soon as they are finished, the talks on opening an office in Russia will begin,” Putin said.
The BRICS countries created the New Development Bank in July 2014. The goals of the bank, headquartered in Shanghai, are to fund infrastructure projects in emerging economies for sustainable development.
The bank’s capital is up to $100 billion and it says that all members of the United Nations could join it. However, the BRICS nations can never have less than 55 percent of the voting power.
Russia is hoping that BRICS states will back its bid to host Expo 2025 in Ekaterinburg, Putin added.
“Russia is bidding to host Expo 2025 in the Russian city of Ekaterinburg, there are no Brazilian, Indian, Chinese or South African cities among our competitors. Dear friends, we are really hoping for the support of BRICS countries,” Putin said at the meeting of BRICS leaders.
Together, BRICS countries account for 26.46 percent of world land area, and 42.58 percent of world population, According to IMF estimates, BRICS member states generated almost a quarter of the world’s GDP in 2015 and have contributed more than half of global economic growth in the last 10 years.
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Talk Turkey: Erdogan suggests adding ‘T’ to BRICS.
RT.com
30 Jul, 2018 08:43
Turkish President Recep Tayyip Erdogan has called on leaders of BRICS nations (Brazil, Russia, India, China and South Africa) to allow Turkey’s accession to the group.
“We are in the G20 with five of those countries. I wish they would take the necessary steps to let us in and we could take our place in BRICS,” the Turkish president told the Hurriyet Daily News on the sidelines of the group’s forum in the South African city of Johannesburg. “If you take us in the name of the platform would become BRICST.”
According to Erdogan, the suggestion was warmly welcomed by the member states, especially by China. He reportedly said that the BRICS members had been considering adding other nations in the group.
“Especially China says that it stands in favor of enlargement. I have seen that they are considering involving other countries in this platform. They are not opposed to it,” Erdogan said, as quoted by the media.
Turkey was invited to the 10th annual meeting of the group of emerging economies, which took place on July 25-27, as the term chair of the Organization of Islamic Cooperation. The Turkish president attended the summit together with the country’s foreign minister, finance and treasury minister, defense minister, commerce minister, and the ruling Justice and Development Party.
The multinational grouping was founded in 2006 during the St. Petersburg International Economic Forum. Initially, it was formed by Brazil, Russia, India and China, with South Africa joining the group in 2010. The current participants represent more than 40 percent of the world’s population and 25 percent of global GDP.
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Post by TsarSamuil on Sept 19, 2018 0:09:43 GMT -5
BRICS bank ‘successfully implements’ projects worth $5.7 billion.
RT.com
18 Sep, 2018 08:57
The infrastructure bank run by developing BRICS countries has been successfully implementing its projects, according to its senior manager.
“We have 23 projects approved for all BRICS countries. Their total cost is $5.7 billion. By the end of the year, I think another $1.5 billion will be added. Next year, we plan to expand projects to somewhere around $7.5 billion,” BRICS New Development Bank Vice President Vladimir Kazbekov told TASS news agency.
According to Kazbekov, the bank has received a AA+ rating from Standard & Poor's and Fitch agencies, which is enough to confidently enter the international financial market with its debt instruments and receive funding from international investors at low interest rates.
The bank’s capital is being boosted every year. “Next year, the plan is $7.5 billion. And according to the strategy, in my opinion, by 2022 we should have about $44.5 billion in capital. Our capital is being formed quite on schedule, Russia and China are contributing ahead of time,” he said.
The BRICS group, which includes Brazil, Russia, India, China and South Africa is home to 43 percent of the world’s population. Four of the top BRICS economies are ranked in the world’s top 15 by GDP size, namely China (2nd), India (6th), Brazil (8th) and Russia (11th).
The bank’s capital is up to $100 billion and it says all members of the United Nations could join it. However, the BRICS nations can never have less than 55 percent of the voting power.
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Post by TsarSamuil on Jan 12, 2019 11:31:15 GMT -5
Russia shifts $100bn of its reserves into yuan, yen & euro in a great dollar dump. RT.com 10 Jan, 2019 08:46 The Central Bank of Russia has moved further away from reliance on the US dollar and has axed its share in the country’s foreign reserves to a historic low, transferring about $100 billion into euro, Japanese yen and Chinese yuan. The share of the US currency in Russia’s international reserves portfolio has dramatically decreased in just three months between March and June 2018, from 43.7 percent to a new low of 21.9 percent, according to the Central Bank’s latest quarterly report, which is issued with a six-month lag. The money pulled from the dollar reserves was redistributed to increase the share of the euro to 32 percent and the share of Chinese yuan to 14.7 percent. Another 14.7 percent of the portfolio was invested in other currencies, including the British pound (6.3 percent), Japanese yen (4.5 percent), as well as Canadian (2.3 percent) and Australian (1 percent) dollars. The Central Bank's total assets in foreign currencies and gold increased by $40.4 billion from July 2017 to June 2018, reaching $458.1 billion. Russia began its unprecedented dumping of US Treasury bonds in April and May of last year, amid a rise in tensions between the United States and Russia. The massive $81 billion spring sell-off coincided with the US’s sanctioning of Russian businessmen, companies and government officials. The Kremlin has openly stated that American sanctions and pressure are forcing Russia to find alternative settlement currencies to the US dollar to ensure the security of the country’s economy. Other countries, such as China and Iran, are also pursuing steps to challenge the greenback’s dominance in global trade. |
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Post by TsarSamuil on Sept 4, 2019 14:17:35 GMT -5
Ditching the dollar: National currency payments key to boosting Russia-India trade, says Putin.
RT.com
4 Sep, 2019 11:55
Trade turnover between Russia and India – which grew by 17 percent last year, reaching $11 billion – has huge potential for further growth, Russian President Vladimir Putin said at the Eastern Economic Forum (EEF) in Vladivostok.
Putin held talks with Indian Prime Minister Narendra Modi, who arrived on Wednesday to the event, which promotes trade in Russia’s Far East.
According to the Russian president, it is important to use national currencies in mutual settlements. “We consider the introduction of the practice of using national currencies in our settlements to be a key component of the work with our Indian partners, as well as ensuring smooth interbank transactions, which would help India join the Bank of Russia financial message transfer system,” Putin said.
Russia is one of India’s key partners in nuclear energy and is ready to develop their cooperation further, with at least 12 nuclear power units planned to be built over the next 20 years.
The construction of the remaining four of six energy units at the flagship Kudankulam Nuclear Power Plant (NPP) is “progressing successfully.”
The NPP’s two units are already functioning in operating mode, while the third and fourth units are currently under construction, said Putin.
“The sides are discussing the second spot, welcoming the ongoing technical consultations on the VVER-1200 reactor designed in Russia, and the joint production of equipment and fuel,” Moscow and New Delhi said in a joint statement.
PM Modi said that India is interested in joining Russia’s energy projects in the Arctic. “India is ready to play an important role in the Arctic Council,” he added.
The two countries will also study the possibility of shipping oil via the Northern Sea route.
Putin and Modi said they expect trade turnover between Russia and India to triple by 2025, reaching $30 billion.
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Post by TsarSamuil on Aug 6, 2020 14:27:38 GMT -5
Russia building new seaport to boost trade with Iran, India & Kazakhstan.
RT.com
1 Aug, 2020 15:38
A seaport with a capacity of 12.5 million tons will be constructed in Russia’s Kalmykia region, near the city of Lagan. It will connect the operating ports of Iran, India, and Kazakhstan with Russia.
The new port will consist of 32 off-loading terminals and other facilities, such as elevators with a capacity of 300,000 tons of simultaneous storage for grain crops, as well as terminals for storing and shipping vegetable oils, fruits, vegetables, and other goods.The grain and container terminals will have the capacity of five million tons each, while the liquid cargo terminal will have a capacity of 500,000 tons.
Container transportation is one of the promising directions the new port will take, as existing sea transport hubs in the neighboring regions are not adapted for this. Container traffic is planned to operate mainly from India and the Persian Gulf countries, through Iran.
The Russian complex in the Caspian Sea will significantly reduce the time it takes to deliver goods from China and other Asian countries to Europe.
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Post by TsarSamuil on Dec 23, 2021 5:03:32 GMT -5
Kremlin reveals new independent Russian-Chinese financial systems.
RT.com
15 Dec, 2021 11:20
Russia and China will develop shared financial structures to enable them to deepen economic ties in a way that foreign states will be unable to influence, the Kremlin has announced following talks between the countries’ leaders.
The move appears to be a response to a series of warnings that Western nations could push to disconnect Russia from the Brussels-based SWIFT financial system as a form of sanctions.
The payment platform underpins the vast majority of international transactions. During the talks on Wednesday, Russian President Vladimir Putin and his Chinese counterpart Xi Jinping called for increasing the share of national currencies in mutual settlements and expanding cooperation to provide Russian and Chinese investors with access to stock markets, said Yuri Ushakov, Putin’s foreign policy advisor.
Ushakov said “particular attention was paid to the need to intensify efforts to form an independent financial infrastructure to service trade operations between Russia and China.”
“We mean creating an infrastructure that cannot be influenced by third countries,” the Kremlin aide added.
Ahead of the video summit, Kremlin Press Secretary Dmitry Peskov hinted that economic discussions were likely to be on the agenda for the two heads of state.
Both Russia and China are said to be increasingly looking to move away from using the US dollar as the main currency of international trade, instead using their own denominations to underpin the booming volume of Moscow-Beijing trade.
Last week, US Under Secretary of State Victoria Nuland said that the White House, along with a number of Western European nations, was mulling completely isolating Moscow from the global financial system should Russian troops dare to invade Ukraine.
Just the day before, Bloomberg had suggested that Washington could target the country’s major banks and even disconnect Moscow from the SWIFT network.
At the end of November, the boss of Russia’s state-run oil giant Rosneft, Igor Sechin, accused Washington of manipulating the dollar to further its own interests and said the currency was losing its appeal due to the US Federal Reserve’s policy of quantitative easing – essentially flooding the global economy with an excess supply of money.
Earlier this year, Russian Foreign Minister Sergey Lavrov suggested that Beijing and Washington “need to move away from the use of Western-controlled international payment systems.” The top diplomat also accused the US of seeking “to limit the technological development opportunities of both the Russian Federation and the People’s Republic of China.”
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Post by TsarSamuil on Mar 5, 2022 5:44:28 GMT -5
LIVE: Putin, Brazil’s Bolsonaro hold press conference after meeting.
Ruptly
Streamed live on Feb 16, 2022
Russian President Vladimir Putin and his Brazilian counterpart Jair Bolsonaro give a joint news conference in Moscow on Wednesday, February 16.
Topical regional, global issues and bilateral cooperation in a wide range of areas are expected to be on the agenda.
Earlier on Wednesday, the first Russia-Brazil meeting in the 2+2 dialogue between the foreign and defence ministers of the countries also took place in the Russian capital.
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Post by TsarSamuil on Mar 5, 2022 5:47:20 GMT -5
The final world order is being forged!
India wants to bypass dollar to keep trading with Russia.
RT.com
5 Mar, 2022 10:14
India is in search of efficient tools to skirt around the latest penalties imposed on Russia over the conflict in Ukraine, as New Delhi looks to keep trade with Moscow going, Indian media reports.
Among the options reportedly being considered are making settlements via foreign financial institutions that don’t operate in countries that have supported the punitive measures against Russia, routing payments through minor Russian lenders unaffected by the SWIFT ban, and boosting its rupee-ruble arrangement.
Russian banking majors Sberbank and Gazprombank have been exempted from the latest sanctions so far due to their essential role in processing payments for the EU’s gas and oil imports from Russia.
“We are looking into this. Even if these banks face sanctions from the US, payments can be made in euros as these transactions are still being carried out until further sanctions,” said a government official, as quoted by The Economic Times.
The official added that the full impact of the latest penalties against Russia is yet to be felt.
Repaying Russian debt through a rupee auction held by the Bank of Russia is reportedly another option under consideration. Such a repayment is made through the exports of identified commodities and services.
In 2014, India and Russia agreed to make payments through the rupee-ruble trade after India faced a threat of secondary sanctions over a defense agreement with Russia. Washington has once again threatened New Delhi with sanctions over the arms deal this week.
Bilateral trade between India and Russia amounted to $8.1 billion in the fiscal year ended March 2021, with exports to Russia at $2.6 billion and imports at $5.5 billion.
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Post by TsarSamuil on Mar 7, 2022 16:51:48 GMT -5
www.unionpayintl.com/en/alternative www.rupay.co.in/Russian banks switch to Chinese UnionPay. RT.com 6 Mar, 2022 11:55 On Sunday, several Russian banks announced plans to start issuing cards using the Chinese UnionPay card operator system. The step, which came shortly after Mastercard and Visa pledged to cease operations in Russia and disconnect all the country’s banks from their payment systems, will enable the holders of new cards to use them for paying and withdrawing cash abroad. On Saturday, international financial service providers Visa and Mastercard said they would suspend operations in Russia within the next several days due to the latest Western sanctions related to Moscow’s ongoing war in Ukraine. The drastic step makes the use of cards issued in Russia outside the country implausible. Likewise, cards that were issued outside of Russia will stop working in Russia. Visa and Mastercard are the latest international brands taking harsh moves towards Russia over the Ukrainian conflict. Earlier, companies such as PayPal, Netflix, Intel, Inditex, Airbnb and Rolls Royce announced they were leaving the country’s market. Russian banks, including Sberbank, Russia’s biggest lender, as well as Alfa Bank and Tinkoff issued announcements regarding the switch to UnionPay due to the latest developments. Some of Russia’s banks, like Pochta Bank, Gazprombank, Promsvyazbank, Sovcombank and several other minor banks had been previously working with the UnionPay card operator’s system. UnionPay, an international payment system founded in 2002, received international status in 2005. Headquartered in Shanghai, the company reportedly operates in more than 180 countries across the globe, including Switzerland, Greece, Italy, Spain, Germany, Mexico, Cyprus, Thailand, India, Israel, Portugal, Croatia, Poland, Serbia, Hungary and Austria.
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Post by TsarSamuil on Mar 12, 2022 5:27:17 GMT -5
So, they weaken their own currencies, lol, idiots, this will only diversify currencies to trade energy with as imports is a must, especially for Asia (I don't care about Europe)
Washington bans dollar supply to Russia.
RT.com
11 Mar, 2022 17:18
On Friday, the United States prohibited the exportation, re-exportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, of US dollar-denominated banknotes to the Russian government or any person located in Russia. The White House is ramping up economic pressure on Russia over the war in Ukraine.
This presents a serious problem for Russia, which is a major oil exporter, as most oil contracts are settled in US currency.
On March 2, the European Union also banned the export and import of euro banknotes to Russia. An exception was made only for individuals arriving in Russia, diplomatic missions, and international organizations with legal immunity.
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Post by TsarSamuil on Mar 13, 2022 7:18:23 GMT -5
Yuan deposits replace dollar and euro in Russian banks.
RT.com
13 Mar, 2022 06:28
With Russia now officially cut off from both the US dollar and the euro, the state-owned VTB Bank has offered its clientele the opportunity to open Chinese yuan savings accounts that yield a maximum interest rate of 8%. The country’s second-biggest bank has been hit by the Western sanctions aimed at the total financial isolation of Russia over its war in Ukraine.
“In light of the rising dollar and euro exchange rates, many clients are showing interest in investing in other currencies, and the yuan is one of the most affordable and promising options for investing funds,” the bank said in a statement.
Existing customers are reportedly able to open deposits remotely on VTB Online with a minimum amount of 100 yuan ($16). At VTB branches, they can deposit a minimum of 500 yuan.
According to the bank, the latest offer will be the most profitable alternative to deposits in other foreign currencies. The annual yield on a three-month deposit is 8% in dollars and 7% in euros.
Meanwhile, a six-month ruble deposit currently offers an annual percentage yield of 21%. VTB said that, over the past week, customers had invested over a trillion rubles ($15 billion) in traditional savings products.
Russian financial institutions have been placed under increasing pressure after Ukraine-related sanctions were introduced. The banks have had to turn to China to start using its UnionPay system for credit cards, after Visa and Mastercard announced the suspension of operations in the country.
“Some Russian banks can’t get access to other currencies, so yuan is probably the best other alternative,” Khoon Goh, head of Asia research at the Australia & New Zealand Banking Group, told Bloomberg.
“Still, the easiest way for Russia to raise yuan would be to receive yuan via trades. Russian banks’ clients who are exporters could sell to China and receive renminbi as payment.”
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Post by TsarSamuil on Mar 17, 2022 12:06:42 GMT -5
West’s global political and economic dominance ends – Putin.
RT.com
16 Mar, 2022 14:06
Russian President Vladimir Putin has opined that the latest rounds of unprecedented sanctions imposed on Russia by the US and its allies over the Kremlin’s military campaign in Ukraine, mark the end of an era. According to Putin, from now on the West will be losing its “global dominance” both politically and economically.
Speaking on Wednesday, the Russian head of state proclaimed that the “myth of the Western welfare state, of the so-called golden billion, is crumbling.” Moreover, it is the “whole planet that is having to pay the price for the West’s ambitions, and its attempts to retain its vanishing dominance at any cost,” Putin said.
The president predicted food shortages across the world as Western sanctions against Russia are adversely affecting the entire global economy.
Touching on the decision by several Western powers to freeze Russia’s central bank assets, Putin claimed that this would only serve to irreparably undermine trust in those nations, and make other countries think twice before placing their reserves in the care of those countries. According to him, nearly half of Moscow’s assets were “simply stolen” by the West.
Addressing people in the West, the Russian leader said the massive sanctions imposed on Russia were already backfiring on the US and Europe themselves, with governments there trying hard to convince their citizens that Russia was to blame.
Putin warned ordinary people in the West that attempts to portray Moscow as the primary source of all their woes were lies, with a lot of those issues being the direct result of the Western governments’ “ambitions” and “political short-sightedness.”
The Western elites, according to Putin, have turned their countries into an “empire of lies,” but Russia will keep on presenting its own position to the whole world, no matter what.
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Post by TsarSamuil on Mar 19, 2022 10:47:39 GMT -5
India may take advantage of Western Big Pharma cutting ties with Russia.
RT.com
19 Mar 2022 | 04:32 GMT
Moscow’s envoy to New Delhi said Indian firms may take the place of some Western pharmaceutical companies vacating Russia
Indian pharma firms could soon find new business opportunities in Russia as a number of European and US corporations suspend some operations in the country over its military operation in Ukraine, Moscow’s ambassador said.
Speaking to the Rossiya 24 channel on Friday, Ambassador Denis Alipov argued that India is a leading manufacturer of generic drugs identical to famous brands, calling the nation a “world pharmacy.”
“The withdrawal of many Western companies from the Russian market and those niches that have been vacated may actually be occupied by Indian companies in many industries, in particular, in pharmaceuticals,” he told the broadcaster, adding that India “has long and actively been present in the Russian market” – including joint medicine production ventures – “and I think even greater opportunities will open now in this niche.”
Alipov’s comments come after a series of Western pharmaceutical companies declared they were suspending “non-essential” work in Russia over its attack on Ukraine, among them Pfizer, Eli Lilly and Sanofi. The former corporation, for example, said it would “no longer initiate new clinical trials in Russia” due to the military operation and the “brutal situation it has created.”
However, some of those firms have noted they will not leave Russia entirely, with Pfizer adding that it remains committed to “providing needed medicines to the patients already enrolled in clinical trials.” Eli said much the same, continuing to deliver certain medicines in the country even as it suspends “all investments, promotional activities, and new clinical trials.”
While New Delhi has come under Western pressure to sever its trade ties with Moscow, it has yet to budge on those demands, reportedly signing a deal to import Russian crude oil at a discounted price earlier this week despite a sweeping sanctions campaign led by the US and a long list of European allies. China has also faced similar calls to distance itself from Russia, but has refused to comply, denouncing the wave of sanctions as unhelpful and at odds with international law.
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Post by TsarSamuil on Mar 23, 2022 12:43:14 GMT -5
this discussion makes some great points!
How far are we from the internationalization of Chinese yuan?
CGTN
Mar 22, 2022
Saudi Arabia is reportedly accelerating the talks with Beijing to price some of its oil sales to China in yuan. This move is believed likely to reduce the U.S. dollar's dominance of the global oil market. How would switching to the yuan affect the Chinese currency's international status and the global financial system? How may Western sanctions on Russia spur efforts to use the Chinese yuan?
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Post by TsarSamuil on Mar 23, 2022 16:22:13 GMT -5
Credibility of dollar and euro ‘destroyed’ – Putin.
RT.com
23 Mar, 2022 14:55
Russian President Vladimir Putin said on Wednesday that Western sanctions against his country have dealt a large blow to public trust in the two major Western currencies. Many US allies have joined together to impose sweeping restrictions on Moscow in response to its ongoing military offensive in Ukraine.
Putin argued that the penalties showed it “makes no sense anymore” to sell Russian goods in the US and the EU while receiving payment in dollars or euros. He said that the ruble will be used for the sale of Russian natural gas to, what Moscow considers to be, “hostile” countries.
“During the last few weeks, as you know, several Western countries adopted unlawful decisions to freeze Russian assets,” Putin outlined during a government meeting held via video link. “The West has de facto destroyed the credibility of its currencies.”
“The United States and the EU have practically defaulted on their obligations before Russia. Some have suspected this, but now everyone in the world knows that obligations in the [US] dollars and euros can be left unfulfilled.”
Finance Minister Anton Siluanov said this month that Russia was unable to access around $300 billion worth of reserves due to sanctions.
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