Revisiting the R5 Paradigm

... de-dollarization and the use of national currencies in financial transactions. One of the cases in point was the discussion between China and Saudi Arabia on the possibility of using Chinese Yuan for settlements in lieu of Saudi’s oil deliveries to China. Back in 2017 the Valdai Club advanced the R5 initiative that was meant to bolster financial settlements and transactions in the national currencies of BRICS members. An extension of this initiative was the R5+ concept that involved the extension of the use of national currencies not only to BRICS ...