this post was submitted on 11 Sep 2023
179 points (99.4% liked)

Ukraine

8251 readers
563 users here now

News and discussion related to Ukraine

*Sympathy for enemy combatants is prohibited.

*No content depicting extreme violence or gore.

*Posts containing combat footage should include [Combat] in title

*Combat videos containing any footage of a visible human must be flagged NSFW

Donate to support Ukraine's Defense

Donate to support Humanitarian Aid

founded 2 years ago
MODERATORS
lisko@sopuli.xyz
doo@sh.itjust.works
Burstar@sopuli.xyz
179
Russia says there's a problem with billions of rupees it has in India that need to be converted (markets.businessinsider.com)
submitted 1 year ago by zabadoh@lemmy.ml to c/ukraine@sopuli.xyz
34 comments fedilink hide all child comments
 

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.

you are viewing a single comment's thread
view the rest of the comments
[–] AttackPanda@programming.dev 30 points 1 year ago (3 children)

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.

[–] yoz@aussie.zone 2 points 1 year ago (1 children)

Yeap, I support Euro.

[–] TheWoozy@lemmy.world 7 points 1 year ago (1 children)

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.

[–] Longpork_afficianado@lemmy.nz 1 points 1 year ago

It does mean however that your sanctions go a lot further, by wielding the threat of freezing foreign dollars.

[–] rammer@sopuli.xyz -2 points 1 year ago (1 children)

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 9 points 1 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.