In a major development, India has officially joined the recent announcements of Russia and China; all three parties will entirely eliminate the USD from inter-national transactions.
India has announced it will pay for the supply of Russian S-400 anti-missile systems in rubles, while China plans to make bilateral agreements in national currencies by the end of that year, Russian policymakers said.
The contract for delivery of Russian systems S-400 to New Delhi was closed on October 5 and estimated at $5 billion.
The greatest benefit of transactions in national currencies is the absence of currency fluctuations. An equally important problem in trade involving US dollars is the high probability of sanctions, which Washington “distributes” this year in all directions.
In April, Indian media reported that Delhi’s financial institutions froze about two billion dollars allocated to pay for major projects, including the reconstruction of the Russian nuclear submarine…
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