Russia, India, and China Alliance – Towards balancing the world order

Abstract

The global financial order that emerged after the Second World War was primarily westernled with the USA as the center essentially making the international state system a unipolar one. The need for reforms in the global financial order has long been discussed citing the dangers of globalization that became evident after the 2008 global financial crisis and more recently after the Russian invasion of Ukraine in 2022. In response to the sanction being imposed, Russia has taken up initiatives to detach itself from the dollar-based global financial order where China and India are seen as potential partners. The research paper takes up the concept of the Primakov Doctrine and the current Russia-India China (RIC) trilateral as a possible strategic triangle that can counterbalance the western-led global financial order by adopting a common currency.