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The shift to national currencies in trade frees Russia and India from the U.S. dollar, the BRICS International Forum president said.
The BRICS International Forum President Purnima Anand said Thursday, "We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements."
The official also said that China is developing a similar mechanism of mutual settlements in rubles and yuan, which according to the BRICS president, constitutes a way for Russia to overcome sanctions.
On mutual trade between India and Russia, Anand said there had been a five-fold increase over the last forty years, adding that Russian oil and Indian agricultural products, textiles, and medicines are among the goods traded between the two nations.
The president also referred to the ongoing conflict in Ukraine, recognizing India's neutral status. Anand said that New Delhi will maintain cooperation with Moscow regardless of sanctions pressure.
Presidenta del foro internacional BRICS, Purnima Anand, afirma que Brasil, India, China y Sudáfrica cooperan cada vez más con Rusia con el fin de vencer las consecuencias de las sanciones occidentales, y reducir el uso del dólar. Y algunos niegan todavía el Nuevo Mundo Multipolar pic.twitter.com/5X5qwgxcAy
President of the BRICS international forum, Purnima Anand, affirms that Brazil, India, China, and South Africa are increasingly cooperating with Russia to overcome the consequences of Western sanctions and reduce the use of the dollar. And some still deny the New Multipolar World.
According to Anand, the Indian Foreign Ministry has rejected pressure on the country to stop Russian oil imports. "India assured that supplies would not be stopped and the sanctions' regime would in no way affect the relationship between our countries."
BRICS is an international socioeconomic and political forum of rapidly developing countries that promotes dialogue and multilateral cooperation. The group comprises Brazil, Russia, India, China, and South Africa.