Russian President Vladimir Putin met with China’s leader Xi Jinping on Thursday with state recognition. Both the BRICS countries China and Russia are on a mission towards de-dollarization and are advancing to end the US dollar’s supremacy. The high level strategic meeting between the two nations indicates that a major decision could be on the cards. An agreement could be made about the war in Ukraine or how to push local currencies ahead of the US dollar.
Also Read: Top U.S. Bank Warns BRICS, Says the Dollar Cannot Be Replaced
This is Putin’s second visit to China in less than a year he called Jinping an “old friend”. Russia seeks to deepen ties with China as the Communist country is helping its economy stay afloat by initiating business deals despite the sanctions. Other BRICS countries like India and Brazil are also helping Russia’s economy by procuring oil at cheaper prices.
BRICS: US Dollar & Ukraine Talking Points Between Russia & China Meeting
The top level meeting between the BRICS members Russia and China involves talks about local currencies, the US dollar, and the Ukraine war. “We will try to establish closer cooperation in the field of industry and high technology, space and peaceful nuclear energy, artificial intelligence, renewable energy sources, and other innovative sectors,” said Putin.
Also Read: BRICS Ditches US Dollar, Settles $4 Billion Trade in Local Currencies
Therefore, both the BRICS countries are stepping up their partnerships with new bilateral trade deals and could potentially be without the US dollar. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade.
Also Read: BRICS: Russia Makes Massive Oil Discovery
China and Russia are the main players that are playing a crucial role in the de-dollarization process. The BRICS alliance is mostly following their whims and is moving according to their decisions about ending the US dollar. The next decade will be much different as the US dollar will face fierce competition from developing countries.