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Russia has signed trade deals worth 1 trillion rubles (equivalent to $13.1 billion) in local currencies. This is the second time in a row that Russia signed trade agreements worth $13.1 billion. The deals were inked at the St. Petersburg International Economic Forum (SPIEF), announced Governor Alexander Beglov. The national brand space ‘Buy Russian!’ was the centerpiece at the SPIEF forum in St. Petersburg. Also Read: CIS Settles 99% of Payments in Local Currencies, Ignore USD The deals extended to over 40 investment agreements with over 67 trade policies touching exactly 1.0288 trillion rubles. The agreements are mostly focused on science and technology projects and the funds will be deployed through 2030. The SPIEF event was held this week under the theme “Shared Values: The Foundation of Growth in a Multipolar World.” Russia aims to achieve a multipolar financial world where local currencies will be used for all transactions. A deal was also inked with China at the SPIEF...

China is doing everything possible to advance the de-dollarization agenda and dim the lights on the US economy. BRICS members China and Russia recently sidelined the US dollar to settle oil and gas payments in 2025. The development adds pressure on the US economy as developing nations are using new modes of payment and not the dollar. Also Read: BRICS: When Barack Obama Predicted the US Dollar’s Future Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Reducing dependency on the US dollar will lead to the currency facing deficits and bring inflation into the homeland. The USD needs to maintain its demand and supply mechanism in the forex markets and failing to do so can bring its doom. Also Read: What Are the Advantages of a BRICS Currency? BRICS: China & Russia Settle Oil Trade in New Currency Source: Reuters Trillion-dollar asset management firm VanEck recently confirmed that BRICS members China and Russia have settled oil payment...

De-dollarization is a nagging agenda that the global nations have been vying to achieve for as long as one can remember. The idea of de-dollarization refers to reducing one’s reliance on the US dollar, with nations trying hard to derail the US dollar, snatching away its reserve currency status. But the tables have now started to turn. With Donald Trump leading the charge of the US, his aggressive policies and procedures have the power to end this de-dollarization “nuisance,” establishing a new world order in the process for others to follow. Here’s how he may bolster the US economy in three ways, ending the rising de-dollarization rumors. Also Read: GTA 6 Leak: John Cena’s Heel Turn + Will Villains & Sea Monsters Rule? Three Ways Through Which Trump Can Bolster the US Economy And The US Dollar 1. The President’s Tariff Plan To Bolster US Dollar Source: Rollingstone By now, the world is fully aware of Donald Trump’s aggressive tariff policy. Donald Trump is trying hard to strengthe...

Russia seizes 2,718 Bitcoin worth $10M from ex-ICRF official. The ex-official was involved in what has been termed the largest bribery case in Russia. The confiscated bitcoins will be added to the state revenue. Russian authorities have seized approximately $10 million worth of Bitcoin from Marat Tambiev, a former employee of the Investigative Committee of the Russian Federation (ICRF). The seizure, reported by the local news agency TASS, involved the confiscation of 103 Bitcoin, stored in a Ledger Nano X hardware wallet, marking a significant moment in Russia’s handling of digital assets in legal contexts. The largest bribery scandal in Russian history Tambiev’s conviction stems from what has been described as the largest bribery scandal in Russian history, involving a staggering 2,718 BTC bribe, which was valued at around $258 million at the time of sentencing. The Nikulinsky District Court of Moscow had previously ordered the seizure of 1,03...

BRICS members Russia and Iran announced that they have officially abandoned the US dollar for trade between the two nations. Russia reported that 96% of all cross-border transactions between Iran have been settled in local currencies, the ruble and rial. In 2024, the usage of local currencies between Russia and Iran is up by 12.4%, making 96% of all settlements. Also Read: BRICS Determined to Trade In Local Currencies, Not US Dollar “We (BRICS members Iran and Russia) have entered into a currency agreement with Russia and fully removed the US dollar. Now we only trade in rubles and rials,” said the Governor of the Central Bank of the Islamic Republic, Mohammad Reza Farzin. However, both nations face sanctions as the White House has made it difficult to accept the US dollar. In July this year, both the BRICS countries agreed to a currency swap policy signed by the Russian and Iranian central banks. They also completed the integration of Russia’s Mir payment as a replacement ...

BRICS member India is among the few countries that successfully launched a pilot basis of Central Bank Digital Currency (CBDC). The Reserve Bank of India (RBI) began testing the CBDC currency early this year for trade and common transactions. The RBI is testing the security aspects of digital currencies and conducting studies about their potential impact on the economy. Also Read: Trump Advancing to Fracture & Dismantle BRICS The launch of the CBDC could change the fortunes of BRICS member India, as it’s ahead of the curve in digital currencies. Out of the 198 countries in the world, 134 nations are currently working towards the formation of a CBDC currency. All the countries are currently in testing mode while only a few have reached the pilot testing phase. Also Read: 4 New Countries Show Interest To Join BRICS Alliance BRICS: India Gives Update on CBDC Currency Progress Source: Forbes / GettyImages Apart from the de-dollarization agenda, BRICS is also looking to topple the US...

Two Binance executives announced they were leaving the company amid the rumors of the major exchange possibly exiting Russia. Binance’s head of Eastern Europe and CIS, including Russia, Gleb Kostarev, announced in a Sept. 6 LinkedIn post that it was his last day at the company. “Friends, today is my last day at Binance. I am stepping down from my role as VP, Head of Eastern Europe, CIS, Turkey, and ANZ (a few months ago, I also stopped covering APAC).” Gleb Kostarev Similarly, Binance General Manager for Russia and CIS Vladimir Smerkis announced his departure in a Sept. 6 Facebook post. He also promised to hold a press conference in Russia in two weeks. “I know you and the media will have tons of questions about the causes, future, thoughts and experiences. I will definitely share everything. We will do a broadcast, or maybe a meeting in Moscow to talk to you.” Vladimir Smerkis Binance Russia might be closed soon The development follows late Aug...

New Rules For Crypto Exchanges In his explanation, Aksakov highlighted that as Crypto exchange s facilitate cross-border settlements for businesses, they may become subject to certain restrictions. Nevertheless, he expressed optimism that the introduction of new regulations will create opportunities for emerging organizations. The Ministry of Finance also supports this concept, underscoring the need for comprehensive guidelines to facilitate crypto adoption in the country. advertisement Read More: Wintermute Dumps $5 Million Optimism (OP) Tokens To Binance Ahead Unlocks It is anticipated that the Central Bank will assume the role of regulating the operations of Crypto exchange s. The specifics of these regulations are expected to be included in the draft law on experimental legal regimes, as stated by the deputy. Recent information has also revealed that the Ministry of Finance did not favor establishing a new national Crypto exchange but rather proposed a lega...