- India will hold high-level talks with Russia in Moscow on August 20-21 to discuss settling trade deals using India’s currency.
- The goal is to strengthen the local currency and reduce reliance on the U.S. dollar in cross-border transactions.
- India is also considering a free trade agreement with the Eurasian Economic Union during this visit.
- These steps follow new 50% tariffs imposed by the U.S. on Indian oil imports from Russia.
- The talks could lead to new trade policies that promote local currencies among BRICS members.
A delegation from India will meet with officials in Russia on August 20-21 to push for trade deals that use the Indian currency instead of the U.S. dollar. The meeting comes as India’s leadership aims to protect the country’s economy from U.S. tariffs and ongoing trade disputes.
The Indian government is planning a series of moves to make its currency more widely used in international trade. A senior official stated to Bloomberg that negotiations will cover cross-border payments and a potential free trade agreement between India and the Eurasian Economic Union (EAEU).
The talks follow a recent 50% tariff imposed by the U.S. on Indian imports of Russian oil, which has affected several BRICS nations. According to reports, Brazil‘s President Lula da Silva is also working on a joint response with other affected countries.
The discussions in Moscow seek to create new agreements where the U.S. dollar is less central in transactions between BRICS countries—an alliance of emerging economies, including India and Russia. This move could help Russia and India shift away from the U.S. dollar, as both countries have faced a series of tariffs and restrictions in global trade.
India’s stated aim is not to eliminate use of the U.S. dollar entirely, but to give its own currency a bigger role in international business. According to the government, focusing on local payment systems could provide more flexibility and economic independence for BRICS members. The final outcome of the talks may bring changes to how these countries settle future cross-border transactions, centering on national interests and profitability.
Further details about the agreements or policy changes are expected following the Moscow meetings.
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