Kremlin official Dmitry Peskov was quoted by UrduPoint News/ Sputnik today:
MOSCOW (UrduPoint News / Sputnik - 03rd August, 2023) Introduction of a single BRICS Currency is impossible right now but this does not mean that the issue should not be discussed, Kremlin spokesman Dmitry Peskov said on Thursday.
"It is hardly possible to implement, but this does not mean that it does not need to be discussed. Discussions on this matter, of course, will continue," Peskov told reporters.- Source
Confirming something we had said July 8th:
"We would be surprised if some definitive announcement were made. Putin likes to tease in KGB tactical style. China, master strategist, is not going to risk 15 years of planning on some announcement."- GoldFix July 8th
A mutual on Twitter noted this ran in the Indian press, but they had not seen it anywhere else. Neither had we as of 10 a.m. ET.
Russia’s “India” Problem
Perhaps Russia and China, being keenly aware of India’s geopolitical situation having a foot in both the G7 and BRICS camps, are treading a little more lightly so as not to force undue Western pressure on India.
One would think this as idle speculation on our part; However, India and Russia are showing some strains over the former’s desire to use Rupees in trade, and the latter’s insisting on Yuan or Rubles.
Recall on May 4th from Reuters:
NEW DELHI/MUMBAI, May 4 (Reuters) India and Russia have suspended efforts to settle bilateral trade in rupees, after months of negotiations failed to convince Moscow to keep rupees in its coffers, two Indian government officials and a source with direct knowledge of the matter said.
This would be a major setback for Indian importers of cheap oil and coal from Russia who were awaiting a permanent rupee payment mechanism to help lower currency conversion costs. - Source
This can very well be a public message to India for political purposes. It removes immediacy, reinforces multipolarity and could take any blowback G7 pressure on India down a notch.
Something to keep watch over. There is a fragility between India and the BRICS as this all unfolds. The West will seek to exploit any implementation rollout problems that exacerbate international trade tensions between BRICS members and drive wedges further where possible by using carrots t owin India over if Russia uses sticks again.
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