First, the Euro is getting to be completely excluded in Russia.  

“Russian National Wealth Fund excludes euro and in the future will hold only Chinese yuan, ruble, and gold”

The Ministry of Finance of Russia in 2023 will reset the share of euros in the National Welfare Fund

The Ministry of Finance of the Russian Federation in 2023 will reset the share of euros in the National Welfare Fund (NWF), only gold, yuan and rubles will remain in it, Deputy Finance Minister of the Russian Federation told reporters.

“If the question is whether the euro will be reset, then it will definitely be reset this year,” Kolychev said, answering the question of what will happen to the remaining funds in euros in the NWF accounts.

He also added that the Ministry of Finance will gradually bring the structure of the NWF according to the new regulations in such a way that rubles, yuan and gold will remain in it.

Second, the use of national currencies through BRICS is moving ahead

China will pay in national currencies with BRICS, taking into account the needs of companies

The official representative of the Ministry of Commerce of the People’s Republic of China Shu Jueting noted that the department “created more and more favorable conditions for cross-border settlements of companies engaged in international trade and economic activities”

The Chinese authorities intend to promote mutual settlements in national currencies with the BRICS countries (Brazil, Russia, India, China and South Africa), taking into account the real needs of companies. This was stated on Thursday by the official representative of the Ministry of Commerce of the People’s Republic of China Shu Jueting.

“In recent years, the BRICS countries have maintained active contacts with each other in the financial sphere, having made significant progress. This is important for creating more favorable conditions and promoting cooperation between the members of the association,” she said at a press conference, answering a question from TASS about the prospects for cooperation between the BRICS countries without using the dollar in mutual settlements, with the transition to national currencies or a joint monetary unit. – Companies, taking into account market conditions and commercial needs, as well as the degree of convenience, choose which currency they use in mutual settlements. <…> We will carefully take into account the real needs of enterprises.”

As Shu Jueting clarified, settlements in national currencies depend on “companies that are interested in this.” “We will promote the optimization of trade and investment activities,” she added.

According to the official representative, in recent years, the Ministry of Commerce, in cooperation with the competent departments of China, “has created more and more favorable conditions for cross-border settlements of companies engaged in international trade and economic activities.” In addition, the agency helped ensure that financial institutions of the PRC provided them with highly efficient services.

Shu Jueting recalled that in 2022 China was the BRICS chairing country. According to her, during this time, fruitful results have been achieved in the process of cooperation between the member states of the association. “According to customs statistics, last year the volume of China’s trade with the organization’s members exceeded 550 billion dollars, an increase of 12.9%,” she added. “Thus, a good trend was noted.”

As Russian Foreign Minister Sergey Lavrov said earlier, the topic of creating its own BRICS currency will be discussed at the unification summit, which will be held at the end of August. According to him, “serious, self-respecting countries are well aware of what is at stake.” The Foreign Minister of the Russian Federation pointed to the “incompetence of the owners of the current international monetary and financial system,” in connection with which it is necessary to create “mechanisms to ensure sustainable development that will be protected from outside dictates.”

The third aspect is that this is not news for the future, it is for right now.  The Brazilian Central Bank and the People’s Bank of China signed a memorandum of understanding allowing bilateral trade IN YUAN for Brazilian and Chinese companies, investors, and institutions.

And this is a just for nice, as a confirmation that financial and economic integration for multi-polarity is truly happening faster than we think :

Lukashenko approves memorandum on Belarus’ accession to the Shanghai Cooperation Organization.

The decree was signed today. The memorandum defines the general obligations of Belarus for joining the organization, as well as the terms of entry and financial aspects.

The republic has been a dialogue partner of the SCO since 2010, since 2015 it has been in the status of an observer of the organization, and in 2022 began the procedure for accession.