Key quotes:

Russia has accumulated billions of rupees that are sitting in Indian banks.

Reuters reported that Russia and India have suspended negotiations over using rupees for trade between the two countries.

Russia prefers to be paid in Chinese yuan, which has become the most-used foreign currency in Russia.

Russia and India remain deadlocked in a currency dispute that has also frozen weapons sales between the two countries.

India won’t pay Russia in US dollars over concerns that it may face secondary sanctions and won’t pay in rubles because of worries about obtaining Russia’s currency on global markets at a fair rate,

Recently, (Russia) agreed to use the (Chinese) yuan to for payments on a nuclear-power plant deal with Bangladesh, after previously insisting on using its ruble.

          • TheWoozy
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            1 year ago

            Putin can only dream of achieving the levels of evil Stalin did. However, life of a nonpolitical commoner may have been a little more hopeful in the old days.

            When Stalin committed genocide in Ukraine, he took their grain harvest and left them to starve. When Putin commits genocide in Ukraine, he ships their children to “reeducation” camps in Russia. He wants to make them Russian. The scale is entirely different.

            • @cheese_greater@lemmy.world
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              21 year ago

              I just find these assholes amazing in that they would have zero peace or abillity to relax the way they escalate the shit out of creating a dystopia. Stalin was drinking so much and forcing his buddies to basically drown themselves in alcohol on the daily, like, who wins from all this?

              Madness!

          • @Ulara@sopuli.xyz
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            11 year ago

            Putin’s Russia is more gentle on its own population, but it is potentially more dangerous internationally. Soviet Union more or less abided by the rules of international order, contributed to the demise of old-world imperialism, and almost never issued nuclear threats. Putin’s Russia is an outright bandit state, openly ignoring any international rules and conducting acts of terror - like the Islamic State. If not stopped now, it can start in the future a devastating world war without any remorse.

  • @realitista@lemm.ee
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    381 year ago

    Hilarious that the country that not so long ago tried to force the west to pay them in Rubles now has to take Rupees as payment and has a “preferred” currency of Yuan. Russia is getting bent over so hard by India and China. It’s basically a vassal state to China now.

    • TwinTusks
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      31 year ago

      It’s basically a vassal state to China now

      This is really true. China had just released a new standard map (they do this every other year), and on the map it included Russian territories. Namely the islands of Bolshoy Ussuriysky, located in at the confluence of the Amur and the Ussuri, and right next to the major Russian city of Khabarovsk, has given it great strategic importance.

      The island was taken by the Russian in the 1860s, and China have been wanting it back ever since. The two countries had signed a agreement in 2004 which China takes the souther part of the island while Russian take the north. But now the Chinese map shows the whole area as Chinese and the Russians are not making a beep. Currently its just political move, but it ultimately might be a start where China seek to take back its lands while Russia is weakened.

  • @zabadoh@lemmy.mlOP
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    1 year ago

    How indebted are the Russians to the Chinese now.

    They’re completely at the mercy of the Chinese government which tightly controls the Yuan

    They’re getting deeper into debt with Chinese banks, borrowing the equivalent of USD$10 billion as of last March, although the article doesn’t say what currency the loans are in. Likely USD$.

    To put that amount into perspective, Russia’s USD$ currency reserves were about $599 billion as of May 2023.

    The Chinese economy isn’t doing so hot either

    And tossing billions into the black hole that is Russia probably won’t help those banks stay financially stable.

      • @Astroturfed@lemmy.world
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        1 year ago

        They’re talking about foreign currency reserves. Basically to buy stuff on the global market you need an exchangeable currency that people trade in. This is mostly USD. It’s getting increasingly hard for Russia to buy goods internationally because a ton of their foreign currency reserves were seized. Coupled with the fact that no one wants to take their currency now.

        The figures the comment you replied to is discussing is the foreign currency reserves. Not debt. A lot of the economic collapses we see these days are because the local currency devalues in USD and they run through their stockpile of USD. Ones this happens they have a real hard to buying anything with their unstable currency no one wants to accept.

  • @trslim@pawb.social
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    121 year ago

    “Sorry, Russia! I don’t give credit! Come back when you’re a little… mmm… richer!” - Morshu when Russia tried to buy some bombs from him.

  • YⓄ乙
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    -371 year ago

    Is it a good move ? I think so…USD needs to be replaced now.

    • @AttackPanda@programming.dev
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      301 year ago

      The only currency I am aware of with the necessary backing, flexibility, durability, and faith is probably the Euro. I don’t know that any other currency can really gain the scope of adoption necessary to be the default reserve currency.

      • BaroqueInMind
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        1 year ago

        I hear Zimbabwe has a billion dollar bill, so they definitely should be the global de facto currency.

        • TheWoozy
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          71 year ago

          As an American, I support the Euro too. It really doesn’t matter what currency is used. The benefit US of having THE international currency is tiny. It means that we can’t do as much to manipulate it’s value (control inflation) as we’d like.

      • @rammer@sopuli.xyz
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        -21 year ago

        Instead of using the Euro. There should be a global reserve currency based on a basket of the world’s most important currencies. USD, EUR, Chinese yuan, Indian rupee etc.

        • @jmcs@discuss.tchncs.de
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          91 year ago

          There should. The problem is that even at a smaller scale only western Europe managed to pull it off (with the ECU). South American attempts imploded because of infighting, and African and East Asian attempts are progressing but slowly. And those are attempts by countries that already agreed to be part of the same regional organizations.

          The challenges the BRICS are seeing when it involves just 5 countries with a strong incentive to kick the dollar out, gives a glimpse of the mess it would be required to achieve something at a global level.

          Maybe it will be more realistic when there are more regional currencies around to provide a model on how to solve conflicts.