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United News of India
3 hours ago
- United News of India
BRICS countries have no interest in replacing US dollar, says Russian Deputy FM Sergey Ryabkov
Moscow, July 19 (UNI) BRICS countries have no desire to replace the US dollar, but rather trade in national currencies with other member and partner countries in a viable alternative, said Russian Deputy Foreign Minister Sergey Ryabkov in an interview, reports state media TASS. The response comes amid US President Donald Trump's claims that BRICS countries are inventing an alternate global currency to replace the US dollar, something which all member states have rejected. "No one in the BRICS community is raising the issue of replacing the dollar. Russian President Vladimir Putin has repeatedly said that over the past few years we have wound up in a situation where the Russian Federation has been deprived of the opportunity to use the dollar, by and large, for very many payments due to sanctions that block that," he said. "The necessary option for us is to look for alternatives in the form of mechanisms of mutual settlements that would be fairly resistant to external negative impact, be immune to this kind of measures from outside," the diplomat went on to say. "The alternative is to switch to settlements in national currencies. That's the path we are taking within BRICS." According to Ryabkov, Russia already makes more than 90% of all payments with its BRICS partners in national currencies. Many countries, both within and outside the bloc have long accused Washington of using its hold over the global currency as a weapon by way of sanctions and embargoes, and are thus looking for alternate avenues for ensuring financial autonomy and security in face of external pressures. In that regard, BRICS countries apart from trading in national currencies are working on initiatives like 'BRICS Pay' – a decentralised blockchain payment mechanism, aimed at facilitating smooth cross-border payments via bypassing Western controlled networks such as SWIFT, and other RTGS mechanisms such as CHIPS and CHAPS. UNI XC ANV GNK


New Indian Express
4 hours ago
- New Indian Express
China begins construction of world's biggest dam over Brahmaputra in Tibet
BEIJING: China on Saturday formally started the construction of a USD 167.8 billion dam over the Brahmaputra River in Tibet, close to the Indian border in Arunachal Pradesh. Chinese Premier Li Qiang announced the start of the construction of the dam at a groundbreaking ceremony in the lower reaches of the Brahmaputra River, locally known as Yarlung Zangbo, at Nyingchi City, official media reported. The groundbreaking ceremony took place at the dam site of Nyingchi's Mainling hydropower station in Tibet Autonomous Region, state-run Xinhua news agency reported. The hydropower project, regarded as the biggest infrastructure project in the world, raised concerns in the lower riparian countries, India and Bangladesh. The project will consist of five cascade hydropower stations, with a total investment estimated at around 1.2 trillion Yuan (about USD 167.8 billion), the report said. According to a 2023 report, the hydropower station is expected to generate more than 300 billion kWh of electricity each year, enough to meet the annual needs of over 300 million people. It will primarily deliver electricity for external consumption while also addressing local demand in Tibet, which China officially refers to as Xizang. Representatives from various organisations, including the National Development and Reform Commission and the Power Construction Corporation of China and locals attended the ceremony, the report said. The project was approved in December last year.


Deccan Herald
4 hours ago
- Deccan Herald
India's fighter airbase in eastern Ladakh set for October takeoff
New Delhi: India's military infrastructure in eastern Ladakh is set for a major boost with a fighter airbase at Nyoma coming up within a few months and Daulat Beg Oldie, the country's highest military outpost, to get an alternate axis by next year for quick troop movement, defence sources Mudh air base at Nyoma – 50 km from the Line of Actual Control that separates China from India – would be ready by this October, sources will set the stage for the Indian Air Force to operate some of its fighter jets from a base at an altitude of 11,000 ft and is in close proximity to the LAC. .The alternate road link to the DBO below the Karakoram range would take one more year and is likely to be ready by 2026 to provide summer connectivity to the world's highest airstrip through the strategic Sub-Sector will be an alternate axis to the Darbuk-Shyok-DBO (DSDBO) road that runs parallel to the Sasoma-Sasser La-Sasser Brangsa-Gapshan-DBO link will aid movement of troops from Siachen base camp to DBO within a few hours, as against the current option of spending nearly two days on transit during which the soldiers come down to Leh and take the DSDBO route. .Constructed by the Border Roads Organisation, the new road has nine bridges that are currently capable of ferrying vehicles weighing up to 40 of them, sources said, would be converted to Class-70 bridges for the movement of heavy military vehicles including the alternate road link will be operational between March and November currently, sources said a proposal to create a tunnel under the 17,800 ft Sasser pass was being prepared. .If the proposal is approved by the government, it would take about 4-5 years to complete the road, providing all weather access to DBO by two roads.A second route to the DBO is necessary because the DSDBO road comes under direct Chinese observation at several at an elevation of 16,700 ft, DBO is strategically critical to India because of its proximity to over 18,000 ft high Karakoram pass that separates China's Xinjiang province from Ladakh. .To the west of DBO, China is constructing the controversial China Pakistan Economic Corridor. The Karakoram highway connecting Gilgit to Xinjiang is also near DBO, making the outpost strategically of military infrastructure near the LAC received a boost in the wake of the recent India-China border conflict in eastern instance, turning Nyoma into a fighter-base was a proposal that the IAF mooted way back in 2010 after successfully landing an AN-32 transporter, but the idea gained traction in the wake of the recent border tension. .New Delhi focussed on improving its air bases near the LAC after it noticed that the communist country had upgraded all its airfields with longer runways and hardened shelters all along the 3,488 km long disputed ready, the Nyoma air base will support MiG-29 and Su-30 MKI operations besides regular flights of transporters like C-130J and AN-32 carrying troops.