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Dollar-dumping BRICs attendees must bring plenty of them to Kazan
By Huileng Tan
Business Insider, New York
Wednesday, October 23, 2024
Russian President Vladimir Putin is hosting a major summit with more than 20 world leaders whom he's trying to convince to ditch the dollar.
De-dollarization is one of Putin's priorities because trading in local currencies would mean that a heavily sanctioned Russia wouldn't be beholden to the Western U.S.-dollar-dominated global financial order.
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But it's not easy to move away from the greenback. The organizers of the BRICS summit have advised foreign attendees to bring cash -- specifically, U.S. dollars and euros -- to the event in the Russian city of Kazan.
Most Russian banks will take only U.S. dollars or euros -- which Moscow has deemed "toxic currencies" -- to exchange for rubles, according to a guide on the summit's website.
Going cashless isn't an option since it's not possible to use Mastercard or Visa cards issued outside Russia in the country. The two card issuers halted local operations days after Russia invaded Ukraine in 2022. ...
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