India, Russia And China Team Up: Why America’s Dollar Power Is In Trouble | World News
New Delhi: From January 1, 2026, India will take over the BRICS chairmanship; This is a turning point that comes at a time when America’s policies have inadvertently brought India, Russia and China closer together. This rapprochement has made BRICS a more effective platform on the global stage.
Earlier this year, US President Donald Trump threatened to impose 100 percent tariffs on BRICS countries, highlighting the strategic weight this bloc now carries.
A recent report highlights that BRICS countries, including India, are intensifying cooperation in agriculture and treating food security as a strategic priority for the Global South. Initiatives now include agribusiness, technology transfer, climate-smart agriculture and value chain development.
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Analysts say this coordinated approach could pose a major challenge to US influence in 2026.
BRICS Produce 42 Percent of the World’s Oil
Crude oil production, gold reserves, economic scale and food self-sufficiency determine a country’s bargaining power in global geopolitics, and the BRICS hold most of this power. The 11-member bloc has repeatedly challenged the dominance of the US dollar.
The World Energy Statistics Review 2025 says the BRICS will collectively produce about 42 percent of the world’s oil in 2024.
BRICS Own One Fifth of the World’s Gold
China and Russia alone hold more than 14 percent of global central bank gold reserves. The bloc, including other BRICS countries, has about 20 percent of global gold reserves. When domestic gold assets are added, India’s share stands out, leaving many countries behind.
BRICS Contribute 29% to Global GDP
The World Bank says that by 2024, China, India, Brazil and Russia will be among the world’s 11 largest economies. BRICS countries accounted for approximately 29 percent of global GDP that year.
The bloc’s overall economic influence has increased rapidly in recent years, driven by economic growth in member countries and the accession of new members.
India Opens Door to Rupee Trade in BRICS
In a historic move this August, India challenged the global dominance of the US dollar by issuing an official circular allowing BRICS countries to conduct 100 percent of their trade in Indian rupees.
Experts believe that this step could accelerate the decline of the dollar’s dominance in global markets. The Reserve Bank of India (RBI) has instructed banks to open more specialized vostro accounts without prior approval, allowing exporters and importers from other countries to trade directly in rupees.
Moving Away from the Dollar
BRICS countries are actively working on an independent payment system outside the US dollar, raising new concerns in Washington about the potential weakening of America’s financial influence.
Brazilian Ambassador to Russia Sergio Rodrigues dos Santos told Russian news agency TASS that establishing this BRICS payment mechanism is both realistic and achievable and represents the most important strategic priority for the bloc. The foundation of the initiative was laid during Russia’s BRICS presidency in 2024, and discussions continued this year under Brazil’s leadership.
Fixed Oil Imports from Russia
Despite US sanctions on Russian oil companies, Indian refineries continue to import unrestricted crude oil from Russia. The Times of India newspaper reported that oil imports from Russia were stable in December even after Trump imposed sanctions on Lukoil and Rosneft.
Bilateral relations remained strong despite Western pressure.
India’s Russian Oil Flow Will Reach 1 Million Barrels Per Day
Reuters reported that India is expected to import over one million barrels of Russian crude oil per day in December. This is contrary to expectations for a significant decline as refiners continue to purchase discounted crude oil from non-sanctioned Russian suppliers.
Reliance Continues Oil Purchases from Russia
Reliance Industries Limited has resumed transporting Russian crude oil to its refinery in Gujarat by purchasing it from non-sanctioned suppliers at discounted prices, according to Bloomberg.
The company contracted Aframax tankers from RusExport to flow crude oil to its 660,000 barrel-per-day refinery. The move could help offset a drop in India’s oil purchases from Russia, potentially cutting this month’s deficit by more than half, officials say.
