Before Trump-Putin Meet, India Joins Russia-China in BRICS Push: Will the New Currency Destroy the Dollar?
In a fast-changing global geopolitical landscape, India has emerged not just as a major market but as a rising global power capable of shaping the 21st century. As the world watches the upcoming Trump–Putin meeting in Alaska, another major shift is unfolding — India, Russia, and China are aligning within BRICS, challenging Western dominance and sparking debates over the future of the US dollar. The question everyone is asking: Could a BRICS currency really dismantle the dollar’s supremacy?
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Global Context: War, Sanctions, and Shifting Alliances
The Russia–Ukraine war has been raging for more than three years, disrupting global energy markets, food supplies, and financial stability. The US and EU sanctions on Russia have driven Moscow closer to Beijing, and now increasingly toward New Delhi.
At the same time, Western pressure on India — from trade rules to technology restrictions — has made New Delhi re-evaluate its strategic position. While India has maintained relations with Washington, it has deepened economic and security cooperation with Russia and is actively engaging in BRICS expansion plans.
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The Trump–Putin Alaska Meeting: A Geopolitical Catalyst
The announcement of a high-profile Trump–Putin meeting in Alaska has sent ripples across the diplomatic world. The meeting is expected to address not only the Ukraine conflict but also US–Russia–China relations and BRICS economic strategies.
For India, this timing is crucial. Any agreements or tensions arising from the Alaska talks could directly impact India’s trade flows, defense partnerships, and currency strategies.
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BRICS: From Economic Forum to Financial Revolution
Originally founded as a platform for cooperation between Brazil, Russia, India, China, and South Africa, BRICS has evolved into a potential alternative power bloc. The grouping is working on:
A new settlement currency backed by gold and natural resources.
A payment system independent of SWIFT to bypass Western sanctions.
Greater integration in energy, defense, and technology.
With Russia and China pushing aggressively for de-dollarization, India finds itself at a historic crossroad:
Should it fully embrace a BRICS-led currency system?
Or maintain a delicate balance with the US dollar-based system to protect Western trade ties?
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Dollar Under Pressure: The BRICS Currency Debate
The US dollar has been the world’s primary reserve currency for over 80 years. However, in recent years, several factors have weakened its dominance:
Massive US debt and fiscal deficits.
Weaponization of the dollar through sanctions.
Rise of regional trade settlements in yuan, ruble, and rupee.
A BRICS currency could change everything. Backed by major commodity exporters (Russia, Brazil, South Africa) and manufacturing giants (China, India), it could offer:
Stability through resource backing.
Independence from Western-controlled financial systems.
Increased leverage for emerging economies in global trade negotiations.
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India’s Calculations: Balancing East and West
India’s economy is projected to be the world’s third-largest by 2030, making it a natural leader in the developing world. But its decisions now will determine whether it can sustain high growth while avoiding geopolitical pitfalls.
India’s key considerations:
1. Energy Security – Russia remains a vital oil and defense partner.
2. Technology Access – The US and EU are critical for high-tech investments and semiconductors.
3. Regional Stability – China’s aggression on the border complicates full strategic alignment.
4. Financial Sovereignty – A BRICS currency could reduce reliance on the dollar but might expose India to yuan dominance.
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Western Concerns: NATO Watching Closely
NATO and Western financial institutions are monitoring India’s moves within BRICS.
A strong BRICS currency could weaken the IMF and World Bank’s influence.
A shift away from the dollar could raise US borrowing costs and destabilize global capital markets.
Washington could respond with trade restrictions, sanctions, or diplomatic pressure.
The upcoming NATO strategy discussions will likely include a focus on India’s growing alignment with Russia and China.
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Economic Implications for the Common Citizen
While these geopolitical strategies may sound far removed from daily life, they have real-world impacts:
Currency value – If the dollar falls, import prices could drop in some regions but rise in others.
Fuel and commodity prices – BRICS energy trade in local currencies could stabilize prices for member nations.
Job markets – Shifts in global trade patterns could open new opportunities in manufacturing and technology for India.
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Possible Scenarios Post-Alaska Meeting
1. US–Russia Tensions Ease – This could reduce urgency for BRICS currency adoption, giving India more time to decide.
2. Cold War 2.0 Intensifies – India might deepen BRICS integration to protect itself from Western sanctions.
3. Middle Path Diplomacy – India balances both worlds, using BRICS for leverage in negotiations with the West.
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India’s Strategic Advantage: The Swing Power
India’s unique position allows it to be the "swing vote" in global politics:
It has strong defense ties with Russia.
It shares democratic values with the West.
It is part of both Quad and BRICS, giving it diplomatic flexibility.
Its rapidly growing economy attracts investments from both East and West.
By carefully navigating between these alliances, India could shape the rules of the new world order rather than just adapting to them.
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Conclusion: A Defining Decade for India
The world is entering an era of multi-polarity, where no single nation or currency dominates.
As the Trump–Putin meeting in Alaska approaches and BRICS discussions heat up, India’s choices will determine not just its economic future but also the global financial architecture for decades to come.
Whether India leads the BRICS currency revolution or maintains its strategic ambiguity, one thing is certain — New Delhi is no longer just a participant in global affairs; it is a key architect of the future.
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