Chain News by Thebittimes.Com

BRICS member Russia’s revenue in the oil and gas sector to double in April 2024 despite the US pressing economic sanctions. Russia bypassed US sanctions by selling oil at discounted prices to other trade allies since 2022. Saudi Arabia procured oil at discounted rates from Russia and laundered it all across Europe last year. The move helped the country to balance its economy and stay afloat despite sanctions from the White House. Also Read: BRICS Expansion Will Change the Global Economy: Expert In addition, BRICS member India was on an Oil buying spree from Russia and saved $7 billion in exchange rates. China is relentlessly buying Oil from Russia at cheaper prices and settling trade in the Chinese Yuan. The development indicates that the US sanctions have done little to nothing to hamper  Russia ’s economy. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also R...

Pakistan has formally sent its application to join the BRICS alliance and be a part of the grouping in 2024. BRICS invited six new countries to join the bloc including Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia. Among the six members, Argentina could be the only country to reject the BRICS invitation. Read here to know why Argentina is not interested in joining BRICS. However, Pakistan is now seeking support from Russia to induct them into the BRICS alliance. Pakistan is counting on Russia to fast-track the membership process through the help of the country’s newly appointed Ambassador to Russia Muhammad Khalid Jamali. Also Read: BRICS: China & Saudi Arabia Sign $7 Billion Currency Swap Deal Pakistan Seeks Russia’s Help To Join BRICS Source: ShutterStock Jamali confirmed that Pakistan has formally applied to join BRICS and hopes to be a part of the bloc in 2024. He stressed that Pakistan is seeking Russia’s assistance for induction and hopes ...

The Backdrop: Binance and Russia Binance ’s relationship with Russia has seen turbulent waves in recent months. Following the commencement of Russia ’s actions in Ukraine , the exchange voiced a reduction in its dealings within the Russia n territory. This appeared to align with the European Union’s robust sanction directives.  advertisement Yet, skepticism surrounds Binance’s actual implementation of these limitations. Critics have raised concerns over the company’s multi-layered intermediary system, suggesting it could be a potential avenue for sanctioned Russian entities to convert their funds into Binance balances covertly. The severity of these implications was underscored by revelations that Binance’s peer-to-peer platform had listed major sanctioned Russian banks , such as Rosbank and Tinkoff Bank, as viable payment options. Such associations have not gone unnoticed, with the U.S. Treasury Department express...

The BRICS alliance is advancing to throttle the U.S. dollar from the global reserve status by launching a new currency. The soon-to-be-released currency could be used to settle global trade ending reliance on the U.S. dollar. The de-dollarization is moving at a rapid speed at a time when the U.S. is in a debt ceiling crisis. Also Read: Europe Might Get Ready To Accept BRICS Currency In addition, leading banks in America are collapsing and the markets remain under macro pressure. Several financial institutions have predicted a recession in 2023 that could tank the stock markets, real estate, and life in general. Then enters China and Russia. While their dream of taking over the world seemed unrealistic, it’s all falling into place as planned. Russia countered the U.S. sanctions by partnering with China and making BRICS challenge the Biden administration. Also Read: Saudi Arabia To Challenge U.S. Dollar’s Supremacy by Funding BRICS Alliance BRICS Powers China ...

The Russian President criticized Western sanctions and urged for a system “independent of external interference.” Russian President Vladimir Putin criticized the monopoly in global financial payment system s and called for an independent and blockchain-based settlement network on Nov 24, speaking at the Inter national AI Journey Conference in Moscow.  During the event organized by Sberbank, the largest Russian bank and a major lender to the government, he stated: “The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users and, most importantly, will not depend on banks or interference by third countries. I am confident that something like this will certainly be created and will develop because nobody likes the dictate of monopolists, which is harming all parties, including the monopolists themselves.” Putin also noted that global payments and nations are at ris...