RIC Alliance Returns, Considers De-Dollarizing Their Economies
The Russia-India-China alliance (RIC) is back in the headlines after leaders from all three nations met at the Shanghai Cooperation Organisation (SCO). The summit came hot on the heels of President Trump imposing high tariffs on several trade partners. The tariff spree may have prompted countries to look elsewhere for sustainable and reliable partnerships. The coming together of Russia, India, and China could lead to further de-dollarization globally. Russia, India, and China To Further Push For De-Dollarization? Source: Deposit Stock Photo Russia and China have already begun trading heavily using the Chinese yuan. The development commenced after sanctions were placed on Russia following its invasion of Ukraine. Since 2023, China has settled almost all of its oil and energy purchases from Russia using the yuan. The development has given significant fuel to the de-dollarization agenda. India was recently slapped with some of the highest tariffs in the world. Many deemed the move unfair ...