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Russia is slowly bowing out of the BRICS agenda of cutting ties with the US and the dollar for trade and transactions. In a historic deal, Russian President Vladimir Putin has proposed to supply 2 million tons of aluminum to the US markets. The move could stabilize prices in the commodity metals sector and smoothen out price fluctuations and market volatility. Also Read: De-Dollarization: Economist Predicts the Future of the US Dollar https://twitter.com/bricsinfo/status/1894133063401013756?s=46 In addition, BRICS member Russia also outlined potential deals with the US in supplying rare earth resources. Russia has the world’s fifth-largest rare earth metals reserves that the US could use for industry and military production and benefit immensely. The prospective economic deal covers aluminum and rare earth materials from BRICS member Russia to the US. President Donald Trump had earlier hinted that “major economic development transactions with Russia” could soon take p...

BRICS member Russia is aggressively pushing the de-dollarization agenda by making developing countries settle trade in local currencies. Russian President Vladimir Putin is convincing emerging economies to ditch the US dollar and push local currencies for cross-border transactions. The move will strengthen their native economies and give their local currencies a boost in the forex markets. Also Read: BRICS: India Makes Huge Announcement on New Currency Read here to know how many sectors in the US will be affected if BRICS accepts local currencies for trade. Russia is successfully bypassing US sanctions and keeping its economy afloat by making other countries ditch the US dollar. The development is hurting the US more as emerging economies as seriously considering advancing the de-dollarization initiative. Also Read: The US Dollar’s Clout Is Decreasing Globally, Says BRICS BRICS: Russia & Belarus Settle Trade Worth $37 Billion in Local Currencies Source: Reuters In 2024 alone, BRICS...

Nvidia stock hit a new milestone today. The company became the world’s most valuable business during a growing AI chip controversy. A Mumbai drugmaker was caught sending restricted chips to Russia. These chips, worth $300 million, were meant “to target sensitive sectors in Russia’s military-industrial complex.” Also Read: Vitalik Buterin Defends Ethereum Strategy Amid Data Bloat Concerns Impact of AI Chip Controversy on Nvidia’s Market Position Breaking Valuation Records Source: TradingView Nvidia’s stock beat Apple’s to become the world’s most valuable company at $3.53 trillion. Share prices jumped 18% in October, following OpenAI’s $6.6 billion funding news. Dell, which made the servers with these chips, says it “follows all applicable global regulations and export controls.” They promised “swift and appropriate action, up to and including termination of our relationship” with rule-breakers. The Mumbai Con...

Russia has officially banned the popular instant messaging platform, Discord. Indeed, the country’s communications regulatory has blocked the application for Russian law violations, according to the state-owned TASS news agency. The decision has now placed the popular platform on a growing list of foreign technologies that are unauthorized for use in Moscow. The latest restriction is one in a long list of banned platforms that has been growing steadily in recent years. Roskomnadzor, the nation’s regulator, had reportedly requested nearly 1,000 items it deemed illegal to be deleted. The California-based platform has not yet commented on the ban that took place Tuesday. JUST IN: Russia officially bans Discord. pic.twitter.com/oDJ9uL8y5i — BRICS News (@BRICSinfo) October 8, 2024 Also Read: Bank of Russia Makes Major Announcement on Digital Ruble Currency Russia Bans Discord for Violating Country’s Laws In what is the latest in a string of similar actions, Russia ha...

Given Russia’s recent pivot toward cryptocurrency adoption at the government level, one might assume that the era of underground digital asset operations is over in the country. Recent developments have, however, proven that exactly the opposite may be happening and that some cryptocurrency mining operations have gone from being metaphorically underground to being literally beneath the surface. To be precise, the authorities in Russia’s Republic of Dagestan have recently showcased a sophisticated cryptocurrency facility dug into the ground, according to a September 24 Reuters report. Picks for you Billionaires are dumping Nvidia stock to buy this Index Fund  24 mins ago Cryptocurrency trader turns $135 into $1.2 million in 15 days ...

BRICS member Russia warns that the US dominance of global banks and leading financial institutions will soon come to an end. Russian President Vladimir Putin explained that Western-dominated technologies are becoming outdated, while BRICS is ushering into a new era replacing the traditional financial system with a new world order. Also Read: BRICS: China’s Central Bank Dumping US Dollar in the Currency Market Addressing a VTB Investment Forum in Moscow, Putin stressed that blockchain technology, among others, is being used for international payments. He suggested that the US dollar is no longer the primary currency and method of payment for cross-border transactions. Many other new technologies have emerged and BRICS will adapt to the changes putting the US dollar’s prospects in peril. “According to experts, in the coming years this will lead to a real revolution that will finally undermine the monopoly of large Western banks,” Putin said. The Russia n President added t...

The issuance became the second major operations of the bank with the new class of assets. Russia’s largest bank Sber — formerly known as Sberbank — reported the first issue of gold-backed digital financial assets (DFAs). The bank considers DFAs to be a “great alternative” to investments amid dedollarization. On Dec. 26, Sber published the news about its first issue of gold-backed DFAs. A diversified metals seller and manufacturer, Solfer, became the first investor to obtain the issued assets. Gold-backed DFAs represent certifying monetary rights, whose price and volume depend on gold prices. According to juridical documentation of the issuance, the bank will provide up to 150,000 DFAs for potential investors to buy. The DFAs will be available to acquire until Jul 30, 2023. The document mentions “the high risks” for investors, ingrained in such kind of assets, including “the risk of illiquidity.” The first deputy chairman of the Executive Board at Sber, Alexander Vedyakhin, cla...