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Despite the growing tensions between both the BRICS economic alliance and the US, the Western power and Russia are reportedly nearing a “major economic” deal, according to US President Donald Trump. Indeed, Trump took to Truth Social to discuss ongoing negotiations with both Moscow and Ukraine to end the war amid its three-year anniversary. In the post, Trump recalled a meeting with French President Emmanuel Macron and Canada’s Prime Minister Justin Trudeau that took place Monday. He noted that, amid hopes between the three of ending the war, he was nearing a signed “Critical Minerals and Rare Earth’s Deal” with Ukraine. Therefore, the President claims he is nearing a deal with both nations to end the ongoing military conflict. JUST IN: President Trump says he's in "serious discussions" with Putin to end the war and make a "major economic" deal with Russia. pic.twitter.com/uYcKA72Ept — Watcher.Guru (@WatcherGuru) February 24, 2025 Also Read: BRICS: U...

BRICS member China has begun rejecting about 80% of all payments made in the Russian ruble, reported media outlet Kommersant. Chinese banks have now started to delay accepting Russian rubles for several weeks before ultimately rejecting them. The Russian state-run media outlet confirmed the development citing various sources and officials on the condition of anonymity. Also Read: 2 BRICS Countries Advancing Towards Launching New Currency The rejection comes on the heels of several successful trade deals between China and Russia since 2021. The trade between the two BRICS members soared 121% in three years making the Chinese yuan and Russian ruble the center of all transactions. BRICS: No Entry For the Russian Ruble in Chinese Banks Source: AtlanticCouncil.org Chinese banks are rejecting the Russian ruble as the US unveiled a new wave of sanctions. The US sanctions target several Russian financial institutions, including leading businesses, multinational corporations, and high-net-worth...

In its 12th sanctions package against Russia, the EU is doubling down on crypto limitations for Russians. According to a Q&A on Dec. 18, the European Commission has imposed a new ban on Russian nationals and residents on Russian nationals and residents, preventing them from owning or controlling crypto service providers in response to Russia‘s military offensive against Ukraine, the announcement says. “EU sanctions fulfil the EU’s key objective, which is to continue to work for a just and lasting peace, not another frozen conflict.” The European Commission This regulatory move aims to tighten restrictions on the provision of crypto-asset wallet, account, or custody services to individuals in Russia. The comprehensive package also includes measures to curb circumvention, explicitly forbidding Russian nationals and residents from holding any positions on the governing bodies of entities offering such services. You might also like: Blockchain․co...

The Central Bank of Russia also hopes to interlink its CBDC with the payment systems of China, India, and the UAE. Russia’s central bank is considering 2025 as the year when its digital ruble (a local central bank digital currency, CBDC) will be widely used in the country. Russian state-owned news agency TASS reported the news, citing the first deputy governor of the Bank of Russia, Olga Skorobogatova. As per her words, the financial regulator sees a digital ruble as an addition to its current set of payment methods: the Faster Payments System, the country’s Mir payment cards, QR code/NFC payments, biometrics-based payments, and cash. You might also like: Swift to beta test CBDC interlinking solution with central banks It is yet to be seen if Russia eventually plans to oblige its citizens to accept state salaries, pensions, or social security benefits using only the CBDC. Previously, it happened with Mir, a state-run card payment system the country launched in 2...

In what is another example of de-dollarization pursued by the BRICS nations, Bangladesh pays a nuclear plant loan to Russia in the Chinese yuan. Moreover, the country is set to pay approximately $318 million worth of yuan for a loan payment.  Western sanctions imposed on Russia made it impossible for Bangladesh to execute the payment in dollars. Conversely, the development follows a previous statement from US Treasury Secretary Janet Yellen on sanctions potentially hurting the US dollar. Source: Coinpedia.com De-Dollarization on Display in New Bangladesh-Russia Deal The past few weeks have seen a stark uptick in the BRICS nations desire to decrease their reliance on the US dollar. Now, an example of that process has taken shape, as Bangladesh has paid a nuclear plant loan to Russia in the Chinese yuan. According to a report from Business Insider, the story is among the most prominent examples of de-dollarization. Specifically, Bangladesh agreed to pay Russia around ...