Russia wants its crude oil buyers to pay in Chinese yuan or Russian ruble. Both nations are trying to convince other SCO members to abandon the US dollar in favor of local currencies.
India is not happy with this push. The Modi administration is committed to using the US dollar and is not interested in adopting the Chinese yuan for payments. India saved $7 billion in exchange rates by paying for Russian oil in yuan and rubles in 2022.
I definitely think that India embraces multipolarity because India also sees itself as a great power. They understand that they will always be second class in a US dominated world.
India not wanting to adopt yuan for payments is more of India not wanting Chinese currency to become stronger since they have a somewhat tense relationship. My expectation is that BRICS countries will figure out something along the lines of Bancor sooner than later, and that will solve the problem of moving away from the dollar as a trade currency. The other advantage will be that it will create a huge incentive for more countries to join BRICS.
I don’t think they necessarily embrace it, as much as they reluctantly shake hands with it…
https://archive.md/ujcLC
Idk why, lmao…
I definitely think that India embraces multipolarity because India also sees itself as a great power. They understand that they will always be second class in a US dominated world.
India not wanting to adopt yuan for payments is more of India not wanting Chinese currency to become stronger since they have a somewhat tense relationship. My expectation is that BRICS countries will figure out something along the lines of Bancor sooner than later, and that will solve the problem of moving away from the dollar as a trade currency. The other advantage will be that it will create a huge incentive for more countries to join BRICS.
Well, I hope so…