Amid Western sanctions on Moscow, trade between Russia and China is thriving. India and Russia conducted a $40 billion trade deal using their local currencies, bypassing the US dollar. Mexico's trade surplus with the US, largely due to China, indicates trade diversion of Western goods to Russia and China via Mexico. In an effort to internationalize the Indian currency, the Reserve Bank of India allowed importers to pay for crude oil with rupees. China has become Russia's largest trading partner, compensating for lower imports from the West.
Russia's imports (black) are back to pre-invasion levels. That's only possible because China (red) has become Russia's single biggest trading partner, offsetting lower imports from the West (blue). Only the G7 oil price cap stops this. If Putin has no cash, he can't buy stuff... https://t.co/P7yWkGRNz1
"The default payment currency for all contracts for import of crude oil is US dollar as per the international trade practice. However, in a bid to internationalise the Indian currency, the Reserve Bank of India on July 11, 2022 allowed importers to pay with rupees and exporters…
Since 2019, Mexico's bilateral trade surplus with the US is up 40% (blue). Most of that is due to China, which ships goods to Mexico (red) that then go to the US. We see trade diversion of western goods to Russia via Central Asia. The same is happening with China via Mexico... https://t.co/qS5WXzW5x8
INDIA, RUSSIA DITCH US DOLLAR IN $40 BILLION TRADE DEAL (MSN) In a striking move signaling a shift in global trade dynamics, India and Russia have once again boldly sidestepped the US dollar, conducting an impressive $40 billion worth of trade using their local currencies. This… https://t.co/aYHmnB7eiT
Trade between the Russian Federation and the People's Republic of China is booming amid the Western sanctions war on Moscow, with cheap R... Read more: https://t.co/t0oGHbg7zg ⬆️ ⬆️ ⬆️