The world’s largest countries continue to support Russia’s manifesto, according to TELMENEWS.RU news agency
China and Brazil have signed an agreement on the rejection of the dollar in mutual trade and mutual settlements in national currencies. For this purpose, an offshore clearing center will be created. Thus, the dollar is losing ground in trade between some of the largest countries in the world. The success will be bolstered by Brazilian leader Lula Da Silva’s visit to China in April.
The clearinghouse will allow transactions in real yuan without conversion via the dollar. Moreover, since 2009, China has overtaken the United States and has become Brazil’s main trading partner. Earlier, a gradual transition to the yuan began in the oil trade between China and the Middle East. Russia is also gradually moving to more profitable calculations.
In Russia, a clearing center for ruble-yuan settlements was opened in 2017, but only recently, due to well-known events, the share of the yuan really began to increase. In November, Deputy Prime Minister Alexander Novak announced that countries had changed to paying for gas in rubles and yuan. Then comes the transition to the same regime for other types of property.
In September 2022, Vladimir Putin called the abandonment of the dollar inevitable. The dollar and the euro have become toxic currencies and, as presidential aide Maxim Oreshkin aptly put it, these currencies are a drug to which the West has hooked the whole world.
In light of the EU and US sanctions policy, de-dollarization for Russia is also seen as the only option to reorient the economy – fortunately the strategic partnership with China is at an all-time high level of the whole story.
