SPIEF Day 2: Dedollarisation & Energy for the 21st Century on the Agenda
SPIEF Day 2: Dedollarisation & Energy for the 21st Century on the Agenda
Sputnik India
The 26th St. Petersburg International Economic Forum (SPIEF), regarded as one of the most significant worldwide business events, kicks off in the Northern capital of Russia on Wednesday.
2023-06-15T11:25+0530
2023-06-15T11:25+0530
2023-06-19T16:22+0530
business & economy
st. petersburg international economic forum (spief)
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The 26th edition of St. Petersburg International Economic Forum (SPIEF) kicked off in the northern Russian city on Wednesday and will conclude on Saturday.
Sputnik welcomes you into the 2nd day of one of the most significant worldwide business events taking place in Russia's St. Petersburg.
There are “strong complementarities” between India and Russia to further bolster trade and investment ties, experts said at a panel discussion at the forum;
Vladimir Putin is expected to participate in the forum’s plenary session on Friday, June 16.
'We have missed the opportunity after the collapse of the Soviet Union. I think this is the best time to come back and take this market share," Sammy Manoj Kotwani, President of the Indian Business Alliance to Sputnik on Indo-Russian trade & investment opportunities in wake of western sanctions
13:37 15.06.2023
Check out major takeaways from Dedollarization panel at SPIEF 2023 today:
Dedollarization is a national security priority because of the US decision to “weaponize” the dollar for geopolitical purposes;
The Ukraine conflict has accelerated Russia’s dedollarization process;
The dollar’s status will continue to erode to the “systemic crisis” of US hegemony and de-globalization — nations are moving towards regionalization of trade & localization of production;
Russia is exploring the creation of a stable coin pegged to gold or some other natural resources; there is also growing interest in blockchain technologies to develop an alternative to the SWIFT payment system;
BRICS currency could threaten the dollar if the grouping's members decide to link their bond markets; a potential breakthrough is expected at the summit in August.
Anti-Russia Sanctions Led Nations to Mull Diversifying Their Reserves: Russian Central Bank Governor
The global financial market is undergoing significant changes, including a redefinition of the role of the dollar, Elvira Nabiullina said, adding that Russia’s banking system is healthy, has a reserve of real capital and can play a huge role in financing this transformation.
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