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BRICS countries, Russia, and India are likely to continue oil deals despite sanctions from the US and threats from Trump. The share of Russian crude oil in India’s imports could even increase as it is available at competitive prices. British analytical firm Vortexa wrote in its Analysis that Russian oil suppliers will keep prices below market rates for India. All of this would happen despite sanctions from the US and pressures from Trump and other Western countries. The West has tightened pressure on BRICS and other developing countries to stop them from procuring Russian oil. They even went to the extent of claiming that those who procure Russian oil are aiding and arming the conflict in Ukraine. Also Read: BRICS Expands North: Mexico Partners With China, Drops Dollar for Yuan BRICS Oil Remains In the Limelight Source: energyintel.com / Michal Bednarek / Shutterstock Vortexa experts added that Russian seaborne oil exports are too big a part of India’s hydrocarbon purchases...

Throughout the last several years, the global south has sought ways to de-dollarize the global economy. They have made headway, but the greenback remains the most prominent currency on the planet. This could be why, when it comes to the BRICS bloc taking on the US dollar, 2025 may be the year it either happens or it doesn’t. For as much as the economic alliance has continued to wage war against the currency, the US dollar’s position has not yet been threatened. Indeed, Brazil even confirmed that its position looks to be secured for much of the next 10 years. Therefore, if it is unable to make significant gains regarding de-dollarization this year, it may be safe to question if it can ever happen. Source: iStock Also Read: BRICS: The Biggest Reason India May Eventually Leave The Alliance BRICS & The US Dollar: Is 2025 The Last Year It Can Truly De-Dollarize The Globe? The idea of de-dollarization has seemingly been ingrained in the very makeup of the BRICS alliance. The bloc ...

India and China, two of the world’s leading nations and prospering economies, are now doubling down on gold. Over the past few years, both nations have been noted for diversifying their holdings in the yellow metal specifically, showing a new pattern of adoption when it comes to embodying skilled asset management. Also Read: XRP Price Struggles Below $2.2—What’s Next for the Week Ahead? India And China Are Doubling Down On Gold Source: Pexels Per a recent post by the Kobeissi Letter, India has managed to amp up its gold reserves to a new high. Per KL, India’s gold reserves are currently valued at $70.9 billion. Over the last 10 years, India has been closely following a pattern of diversifying its assets into gold all while reducing its dependence on US Treasury bonds. China, on the other hand, is also following a similar pattern. The KL post outlined how China has also been showing rising interest in the precious asset and has been accumulating the yellow metal at a rapid pace. Over th...

The BRICS alliance is working on the formation of a new currency to challenge the US dollar’s global prospects. The bloc aims to dethrone the US dollar from the world’s reserve currency and usher into a new financial era. The bold idea is pushed most by members China, Russia, and Iran, as their economies are hampered by the US. The White House pressed sanctions on Russia and Iran and both countries are seeking an alternative currency. Also Read: More Than 20 Countries Apply To Join BRICS in 2025 On the other hand, China seeks global domination through BRICS and the launch of a new currency will boost its prospects. On the contrary, India is against the idea as their leaders have openly supported the US dollar. India’s Foreign Minister S. Jaishankar repeatedly said that they need the US dollar and will not sideline it for trade. The statement highlights the stark differences and ideas among the member nations of the nine-country alliance. Also Read: BRICS: US Dollar Rem...

Pakistan is looking to join BRICS and is taking the help of Russia to be a part of the bloc. Moscow and Islamabad have close ties and Islamabad is using the friendly relations to land a spot in BRICS . However, India remains unhappy about the prospects of Pakistan joining BRICS as the two countries have been at loggerheads for decades. The development would make BRICS crack as India does not want to share the stage with its neighboring country Pakistan . Also Read: Gold Forecasted To Crash Below $1,200 On the heels of the development, Pakistan i politician and senator Mushahid Hussain says that the country can join BRICS with Russia ’s help. Hussain also met Russia ’s senator Vladimir Chizhov to push Moscow to send an invite for Pakistan to join BRICS . Russia and Pakistan’s ties go back decades and the two countries have positive relations in the fields of energy, connectivity, education, and regional security. Securing Pakistan a spot in BRICS wil...

The Reserve Bank of India is said to be working with local banks to link the digital version of e-rupee with the country’s national payments system. India’s central bank, the Reserve Bank of India (RBI), is reportedly collaborating with local financial institutions to make its central bank digital currency (CBDC) also known as e-rupee, more interoperable, Reuters has learned, citing sources familiar with the matter. According to the report, the RBI wants to boost the usage of CBDC as the current retail activity with the digital currency reportedly remains way below the target set for 2023 (18,000 operations a day vs. 1 million expected). Sources close to the matter said the central bank is trying to find a way to enable offline e-rupee transactions and link the digital currency to the Unified Payments Interface (UPI), India’s national real-time payments system. The report says the RBI and the local banks are exploring a payment option which would make the e-rupee...

Nirmala Sitharaman hopes that finance ministers and central bank governors will be able to agree on crypto regulations in the G-20 meeting in Bengaluru later this month. India’s Finance Minister, Nirmala Sitharaman, stated that regulation “cannot be done” by a single country, it requires “collective action,” in a recent television interview. Speaking to Rahul Joshi on CNBC-TV18 in India on Feb. 3, Sitharaman noted that while the central bank is the “authority for issuing cryptocurrency,” the rest of the digital assets created outside are “using very useful financial technologies.” Sitharaman said that India is looking at a "global" standard operating procedure (SOP) to be “agreed upon” for regulating crypto assets, ahead of India hosting the G20 Finance Ministers and Central Bank Governors meeting in Bengaluru later this month. She suggested that crypto regulations will only be effective if there is global consensus on them. She noted: “Regulation cannot be done by any one c...