– Photo: SOCIAL MEDIA
Russia faced tough global sanctions last year because of the Russia-Ukraine war. In the midst of these challenges, President Vladimir Putin recently adopted a new foreign policy. It recognized China and India as its main allies on the world stage. Now all the three nations along with some other countries are in the process of creating a new currency. In fact, Russian MP Alexander Babakov has said in a statement that the BRICS nations are in the process of creating a new mode of payment.
What are the BRICS countries doing to challenge the US dollar? What is brix? Is India also trying to internationalize its currency? Apart from India, which other countries are looking for an alternative to dollar? What will be Russia’s role in creating the new currency? How will the payment system be different from the dollar? Why are countries looking for an alternative to the US dollar?