The Vice Chairman of the BRICS Chamber of Commerce and Industry, Sameep Shastri, has highlighted a significant shift within the BRICS economic bloc, which is gradually moving away from the U.S. dollar in favor of trading with their national currencies, such as the Russian ruble, Indian rupee, and Chinese yuan.
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The Vice Chairman of the BRICS Chamber of Commerce and Industry, Sameep Shastri, has highlighted a significant shift within the BRICS economic bloc, which is gradually moving away from the U.S. dollar in favor of trading with their national currencies, such as the Russian ruble, Indian rupee, and Chinese yuan. This strategic move underscores the group’s commitment to economic self-reliance and challenges the longstanding dominance of Western economies. Shastri particularly noted the rising influence of Russia, India, and China as they emerge as powerful forces in the global economy.
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During an interview with Tass, Shastri discussed the evolving economic landscape within the BRICS nations, emphasizing their collective move towards reducing reliance on the U.S. dollar. He explained that the bloc has already begun conducting trade using their national currencies, signaling a broader trend of “dedollarization.” According to Shastri, “We should not be dependent on one single currency. Strengthening our own currencies is crucial to making our economies robust.”
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Earlier this year, BRICS expanded its membership to include Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia, alongside its founding members: Brazil, Russia, India, China, and South Africa. Shastri further argued that the economic balance of power is shifting towards the Global South, with Russia, India, and China at the forefront of this transition. He remarked, “If you look at Russia, India, and China — we are very strong nations among the world’s growing economies.”
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Shastri also emphasized the importance of economic self-reliance, noting India’s achievement as the world’s fifth-largest economy. He stated, “India is demonstrating to the world that self-reliance is crucial in the current global economy.” Despite the geographic distances between member states, Shastri affirmed that the BRICS countries are experiencing strategic and sustainable growth, positioning themselves as major players on the global stage.
Emily brings a decade of expertise in blockchain technology and decentralized finance (DeFi). She specializes in market trends and regulatory developments, providing in-depth analyses that resonate with seasoned investors and beginners alike. With a background in financial journalism, she is dedicated to bringing clarity to the fast-paced world of crypto.
