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Time of India
7 days ago
- Business
- Time of India
BRICS summit in Rio: Bloc may push trade in local currencies, countries differ on common currency; India says discussions still at 'early stage'
Ahead of the July 6–7 BRICS summit in Rio de Janeiro, senior diplomats from leading member nations said the grouping is likely to intensify efforts toward settling trade in national currencies, even as they ruled out any imminent move toward a unified BRICS currency. At a conference co-hosted by the Embassy of Brazil and Centre for Global India Insights (CGII) on Friday, Russian Ambassador Denis Alipov described BRICS as 'a serious platform for discussing joint solutions to big challenges,' while reaffirming Moscow's support for trade in local currencies. 'BRICS is not a counter-bloc. It is a centre of gravity for countries seeking mutual respect and non-interference,' said Alipov, rejecting suggestions that the group was being shaped as an anti-West coalition, reported PTI. He noted that trade in national currencies was already underway between BRICS members. India's BRICS Sherpa and Secretary (Economic Relations) in the Ministry of External Affairs, Dammu Ravi, said discussions around a BRICS common currency are 'at a very early stage.' 'Today, for now, we are only looking at trade settlement in national currencies. Harmonisation of fiscal and monetary policies is very, very difficult to achieve,' he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brass Krishna Idols For Prosperity & Protection In Life Luxeartisanship Shop Now Undo Brazilian Ambassador Kenneth da Nobrega echoed the sentiment, adding that while deeper integration like a common currency requires years of policy alignment, local currency trade was already showing results. 'It's a long way. But trading in local currencies? That's already working,' Nobrega said. The summit comes amid geopolitical unease following warnings by President Donald Trump against any formal move by BRICS nations to undermine the US dollar's dominance in global trade. The Trump administration's tariffs have already drawn concern among developing economies. The summit is set to be attended by Prime Minister Narendra Modi, Chinese President Xi Jinping, South African President Cyril Ramaphosa, and leaders of newly inducted members such as Egypt, Ethiopia, Iran, UAE, and Indonesia. Ambassador Ina Krisnamurthi of Indonesia called for systemic reform, saying, 'Our international order, the rules-based system, is crashing into the limits of its founding vision.' She said BRICS must evolve from 'just dialogue to delivery,' focusing on climate finance, humanitarian relief, and data equity. 'Right now, the Global South represents 85 per cent of the world's population and 39 per cent of global GDP,' Krisnamurthi noted. 'Yet multilateral institutions do not reflect this reality.' Citing a surge in the middle class across India, China and ASEAN, she said: 'In 2000, only 150 million enjoyed middle-class living standards. Today, that number is 1.5 billion — double the total population of Western countries.' Egyptian envoy Kamel Galal said Cairo had always seen itself as a natural part of the bloc. 'We are keen that the group should focus on areas of cooperation that enjoy consensus, rather than divisive issues,' he said, stressing a development-first agenda for Africa and the Middle East. Touching on global flashpoints like Gaza, Syria, Lebanon and Sudan, Galal called for reforming global institutions to better reflect 'the evolving dynamics and rising role of developing countries.' Quoting the Egyptian Book of the Dead, he added, 'What I hate is ignorance, smallness of imagination, the eye that sees no further than its own idol. All things are possible. Who you are is limited by who you think you are.' Replacing the oft-cited 'conflict, crisis and challenge' narrative, Galal proposed a new vision for BRICS: 'collaboration, complementarity, consensus and cohesion.' The panel concluded with a Q&A session that focused on the institutional future of BRICS, prospects of a unified currency, and the bloc's ambitions under the UN Sustainable Development Goals framework. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
16-06-2025
- Politics
- Time of India
Russia Day observed with silence, solidarity & reflection
Russian Ambassador Denis Alipov with Foreign Secretary Vikram Misri In solidarity with the victims of the Air India plane crash on Thursday, the Embassy of Russia scaled down its Russia Day celebrations. While Foreign Secretary Vikram Misri attended without making a public appearance and the Stilyagi band's set was cancelled, Russian Ambassador Denis Alipov and the assembled guests expressed their condolences to the families of the victims. Siniša Pavić, Ambassador of Serbia Askar Beshimov, Ambassador of Kyrgyzstan WE SHARE THIS GRIEF WITH ALL OF YOU: RUSSIAN AMBASSADOR A minute of silence was observed at the event for the victims of the plane crash, which claimed over 240 lives. The Russian Ambassador began his speech by saying, 'I would like to start by expressing our deepest condolences and heartfelt sympathies. President Putin has also sent a message of condolence. We share this grief with the Indian government and with all of you in this tragedy. I have just seen off Foreign Secretary Vikram Misri, our chief guest, who excused himself from making a public appearance, given the circumstances. I also decided to cancel the colourful performance of the band that was scheduled to play tonight, and I apologise for that – to you and to the artistes.' The Ambassador then spoke about the significance of Russia Day and the importance of India-Russia relations. 'This relationship has evolved through trust, stability, shared interests, and respect for each other's civilisations,' he added.
United News of India
12-06-2025
- Politics
- United News of India
'Tragic major catastrophe': Russian Ambassador to India says on Ahmedabad plane crash
New Delhi, June 12 (UNI) Russian Ambassador to India Denis Alipov on Thursday described as a 'tragic major catastrophe' the Air India plane crash with 242 people on board near Ahmedabad airport. "Heartbreaking news is coming from Ahmedabad. My heartfelt sympathy to the families and near ones of the victims and to all Indian people and the government of India over this tragic major catastrophe,' he said. UNI RB GNK
Hindustan Times
09-06-2025
- Politics
- Hindustan Times
India's stakes in the coming Arctic Rush
In March, Russian ambassador to India Denis Alipov addressed a conference on the somewhat arcane topic of 'Uniting North and South for Sustainable Development in the Arctic' in New Delhi. Jointly organised by Russia's Northern Forum and the Vivekananda International Foundation, the conference was attended by representatives of government agencies, as well as scientific and academic institutions. Also represented was the Republic of Yakutia, the largest Russian/Siberian province with an Arctic Sea coast. Highlighting the favourable prospects for Indo-Russian cooperation in the development of the Arctic regions, including collaboration in energy exploration and exploiting the full potential of Arctic sea routes, the ambassador expressed concern over the 'growing militarisation of the Arctic'. According to him, collaboration with India in research on multiple polar scientific disciplines, including Arctic influences on monsoon dynamics, would be mutually beneficial. While the polar regions may not figure prominently in the popular imagination, India's scientific community — with full political support — has been engaged in polar research since 1981. Reflecting its growing scientific commitment to understanding atmospheric science, the climate crisis, glaciology, and polar biology, the Goa-based National Centre for Polar and Ocean Research has been implementing India's policy for polar studies. India established its first research base in Antarctica, Dakshin Gangotri, way back in 1983-84, with Maitri and Bharati constructed later. In the Arctic, India's scientific endeavours began in 2008 with the establishment of the research station, Himadri, in Ny-Alesund in Norway's Svalbard archipelago. India has, subsequently, become an observer in the Arctic Council, an inter-governmental body, comprising the five 'Arctic nations', Canada, Denmark, Norway, Russia, and the US, plus neighbouring Sweden, Finland, and Iceland. The significance of India's early, active interest in polar affairs is best understood vis-à-vis the approach adopted by other nations. In August 2007, Russia sent a research ship to the North Pole, where a mini-submarine made a record-breaking dive to 13,000 feet below the ice and, in a dramatic gesture reminiscent of 16th-century imperial conquests, planted a titanium Russian flag on the seabed. Apart from the scientific and technological significance of this venture, Russia's objective was to stake an early claim to the Arctic's continental shelf with its embedded hydrocarbon and mineral wealth. China, identifying itself as a near-Arctic State, has been undertaking scientific exploration for many years and has also acquired observer status in the Arctic Council. While eyeing the Arctic as a potential source of valuable natural resources, China looks forward to establishing a Polar Silk Route through these waters. China's ambitious programme to build ice-breakers, ships essential for cutting a safe path through polar ice, for merchant shipping, is an indication of its Arctic ambitions. Surrounded by Eurasia and North America, the Arctic is the smallest and shallowest of the world's water bodies recognised as an ocean with two main outlets — one of the outlets is into the Atlantic through the Greenland-Iceland-UK (GI-UK) gap, and the other through the Bering Strait that separates American Alaska from Russian Siberia. Due to low salinity, the Arctic Ocean is covered with a thick layer of sea ice, whose spread fluctuates seasonally, which makes navigation in these waters hazardous for ships. For centuries, polar waters had remained off-limits except for scientific expeditions. The advent of ballistic-missile nuclear submarines (SSBN) invested them with strategic significance during the Cold War. Since an inter-continental missile launched from the Arctic would have the shortest time of flight to the continental US as well as the Russian heartland, the Soviets had established classical naval bastions for its SSBNs, which NATO maritime forces sought to keep under continuous surveillance. But now, intense jockeying has commenced, not only by the five Arctic nations but also by others seeking to exploit nature's last frontier for its natural wealth. Conflicting claims seek access to what geologists believe are a quarter of the globe's unexploited oil and gas reserves as well as other natural/mineral resources. These are being considered under the UN Convention on the Law of the Sea. Given its techno-economic resurgence, India will soon be the world's second-largest energy consumer after China. With limited hydrocarbon resources, should India's plans for nuclear and renewable energy resources fail to deliver, it will need other options. Under these circumstances, collaboration with Russia, which has been engaged in developing advanced technologies for polar exploration, would be a logical decision. A second area of intense interest to seafaring and trade-dependent nations is access to two potential sea routes that run across the Arctic, connecting the Pacific to the Atlantic. One is called the North-West Passage, which runs through the Canadian Arctic Archipelago along the coast of North America, and the other is the Northern Sea Route (NSR), which runs along the Siberian coast between the GI-UK Gap and the Bering Strait. So far, both routes have been available only during summer and require the use of ice-breakers. However, with the Arctic ice pack dwindling, it is expected that shipping traffic will be able to use this waterway more freely in the future. Ice-breakers may, however, still be required. The adoption of this new routing by merchant ships would obviate transit through the Suez and Panama Canal bottlenecks and cut down distances between Europe, the west coast of America, Asia and the Far East by as much as 5,000-6,000 km or 15-20 days sailing, slashing shipping costs. For India, the opening of the NSR would not only bolster energy security but also reinforce its strategic autonomy; by countering, on one hand, China's influence and strengthening, and on the other, ties with Russia, via cooperation in the Arctic. If US President Donald Trump's obsession with acquiring Greenland is any indicator, an Arctic Gold Rush for economic and strategic advantage is in the offing. This is an opportune moment for India to readily grasp the Russian ambassador's invitation to become 'a strategic partner in the joint development of the Arctic area'. Arun Prakash is a former chief of naval staff. The views expressed are personal.
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First Post
29-05-2025
- Politics
- First Post
Made-in-India BrahMos was 'exemplary' in Operation Sindoor: Russian envoy
Denis Alipov said that talks between India and Russia to procure more S-400 air defence systems are 'ongoing' as both countries move to solidify the Special and Privileged Strategic Partnership read more The Russian Ambassador to India, Denis Alipov, has said that India's deployment of the S-400 missile system and the BrahMos missiles, which New Delhi co-manufactured with Moscow, was 'exemplary' during the military conflict with Pakistan earlier this month. 'From what we know, India has clearly stated the goals and undertook actions after having identified the targets and the terrorists it promised to do. As far as we know, during the operation, the S-400 system was used and the BrahMos missiles were engaged. Judging by the reports available, the performance of these weapons was exemplary,' Alipov told IANS. STORY CONTINUES BELOW THIS AD He added that talks between India and Russia to procure more S-400 air defence systems are 'ongoing' as both countries move to solidify the Special and Privileged Strategic Partnership. Refresh for updates.
