De-dollarization Efforts Stall: India and Russia Face Setbacks, Dollar Still Dominates Global Trade

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Despite global aspirations for de-dollarization, recent developments highlight formidable challenges in the transition away from the U.S. dollar. Two prominent BRICS nations, India and Russia, are encountering obstacles with capital controls and unsuccessful negotiations for settling bilateral trade in their native currencies. Furthermore, efforts to shift away from the U.S. dollar in global trade face headwinds, as countries grapple with complexities and preferences for traditional currency arrangements, particularly in crucial sectors such as oil. Despite ongoing initiatives like China’s Belt and Road Initiative (BRI), the dominance of the U.S. dollar remains resilient, with diverse nations struggling to establish alternative currencies for international transactions. The intricate dynamics and entrenched practices in global finance underscore the complexities associated with achieving substantial de-dollarization in the current economic landscape.

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