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BRICS member Russia has commented on the recent 100% tariff threats issued by President-elect Donald Trump for cutting ties with the US dollar. Russian President Vladimir Putin spoke about the threats by poking fun at the American economy and its dwindling power. The clout that the US carried a few decades ago is no longer in existence as developing countries have come far ahead in steering their economy to prosperity. Also Read: BRICS: Global US Dollar Payments Fall Below 50% While their economy is becoming prosperous, BRICS is focusing on boosting their local currency and not the US dollar. The bloc is determined to use local currencies first and keep the US dollar in the backseat of the global economy. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: Top Economist Predicts the Future of BRICS Currency BRICS: The U.S. Dollar’s Global Influence Is Decreasing Source: Wallpaperflare BRICS leader and Russian President Pu...

Russian Bitcoin mining firm BitRiver says the country can become a leader in the global industrial crypto just within a few years. According to BitRiver CEO Igor Runets, Russia has enough resources to become a global leader in crypto mining using associated petroleum gas (APG) as other countries such as the U.S., Canada, Kazakhstan and others have also successfully piloted this method of mining, Russian media outlet RBC reports. Runets revealed that BitRiver’s operational data centers powered by APG currently account for at least 50% of the entire mining market segment, adding that the firm is witnessing “growing interest from major Russian oil and gas companies in developing APG mining .” As per Runets’ calculations, Russian crypto mining sector is capable of recycling up to 10 billion cubic meters of APG per year, which is, approximately, half the volume currently flared annually. You might also like: Bhutan spends 5% of its GDP on mining bitc...

Russia bypassed the U.S. sanctions by selling crude oil at a discounted rate to Saudi Arabia and China. The BRICS member Russia settled the crude oil deal by paying the Chinese Yuan and not the U.S. dollar. Countries around the world are barred from doing business with Russia due to its role in invading Ukraine. Also Read: BRICS: Warren Buffet Predicts the Future of the U.S. Dollar However, Saudi Arabia laundered the cheap Russian oil to Europe while its BRICS counterpart China laundered the oil to India. Other developing countries are benefiting from the U.S. sanctions as oil from Russia is now available at a cheaper price. The Gulf Cooperation Council (GCC) and other BRICS members are helping the Russian economy by purchasing oil at a lesser price. 🇸🇦 Saudi Arabia is buying Russian oil at record levels and laundering it onto the European market to evade US sanctions. pic.twitter.com/0uj8wSIpDE — Watcher.Guru (@WatcherGuru) April 11, 2023 BR...