- Narendra Modi attended the SCO Summit in Bishkek, focusing on strengthening strategic partnerships with Central Asian nations, including Uzbekistan.
- India participates in SCO summit in Bishkek, alongside CIS representatives and leaders like Aliyev from Belarus.
Belarus and Russia abandon dollar settlements at Eurasian Economic Council meeting
What happened
During a Supreme Eurasian Economic Council meeting in Bishkek on December 9, 2022, the President of Belarus, Aleksandr Lukashenko, stated that the era of dollar dominance is coming to an end. He announced that Belarus and Russia have abandoned the dollar in their main settlements. This shift reflects a broader move by Belarus away from dollar currency conversion.
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Why it matters
The announcement signals a move toward trading blocs where settlements will be made in national currencies. This policy change is part of a systematic effort by Belarus to move away from dollar dominance.
India participated in the SCO Summit in Bishkek, where Narendra Modi was focused on strengthening strategic partnerships with Central Asian nations, including Uzbekistan.
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Who's involved
- BelarusThe state that announced the abandonment of dollar settlements.
- Supreme Eurasian Economic CouncilThe council body where the decision regarding currency settlements was made.
- Vladimir PutinA leader whose involvement defines the council's operational mandate.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- BRICSSpeculative
BRICS might reinforce its strategic goal of creating non-dollar trade blocs.
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The entities involved
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Belarus
country in Eastern Europe
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Supreme Eurasian Economic Council
Nothing else this week.
Related events
- Poland announced a new embassy in Minsk as Brussels prepares to renew sanctions against the Lukashenko regime.
- A nuclear disaster in Chernobyl necessitates humanitarian aid, occurring amid political stagnation in Belarus.
- Belarus participates in CIS under Turkmen chairmanship, seeking integration benefits from the structure.
- Belarus and Pakistan called for stronger economic cooperation and investment between the two countries.
- Belarus submitted a budget and tax package to the legislature, following the President's approval of development parameters.