The Russia-Ukraine war is likely to increase the de-dollarisation of the world,
their efforts have been largely ineffectual. One of the outcomes of the Russia-Ukraine war is very likely to be that the Brics countries’ activities to increase the global use of their currencies, and other alternatives to the dollar, will accelerate. Russia has stockpiled $77bn of its foreign reserves in yuan since Western sanctions started in 2014.
Russia started negotiations with China in 2016 with the aim of integrating its SPFS with that of the CIPS. Russia also has a bilateral currency swap agreement with China’s central bank, the People’s Bank of China, that allows the two countries to exchange currencies at a fixed interest rate to reduce the effects of currency volatility on trade between the two countries.
In the Russian proposal, roubles would be deposited into Indian banks and changed to rupees, and vice versa.payments system. It is instructive that individual Brics countries do not have large foreign exchange holdings of the currencies of fellow members. Most of the Brics countries have traditionally stocked stable currencies supported by stable governments, such as the yen, Swiss franc and the euro.
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