The rise of BRICS (26Apr2023)
With the recent Ukraine conflict, the world has seen changes in relationships shaped by political and economic restrictions. With sanctions applied on Russia, the economic partnership between Europe and Russia has been replaced by other players, notably China. In the article below , China RMB is already the most popular currency in Russia. An extract from the article: The Chinese yuan has surpassed the US dollar as the most traded currency in Russia, largely because of sanctions imposed on Moscow after it invaded Ukraine 14 months ago. Russian companies and the government have been forced to undertake foreign trade transactions in currencies of allies such as China and India, which have declined to support sanctions imposed by Washington, the European Union and other nations because of the strong reaction to the first conflict in Europe since World War II. The behaviour & actions of the US has caused itself to be distant from several countries. The US has gotten into trouble w...