RIC Alliance Revives De-Dollarization Efforts Amid US Tariff Pressures

The Russia-India-China (RIC) trilateral alliance has re-emerged as a geopolitical force following their leaders' meeting at the Shanghai Cooperation Organization summit. This gathering occurred against the backdrop of escalating US tariffs, which appear to be accelerating global financial realignments.

Moscow and Beijing have already established a yuan-based trade framework for energy transactions, with nearly all Russian oil purchases by China now settled in the Chinese currency since 2023. India's recent inclusion in high US tariff targets may further cement this economic bloc, as New Delhi faces criticism for its energy trade with sanctioned Russia.

The SCO summit marked a rare convergence of Presidents Putin and Xi with Prime Minister Modi, signaling potential coordination on alternative financial infrastructure. This development carries implications for cryptocurrency markets as nations explore non-dollar settlement mechanisms.