BRICS to Debate New International Financial Structure – Reuters
At the upcoming BRICS summit, Moscow is set to introduce a new payments platform aimed at facilitating international trade without reliance on the dollar, according to a report from Reuters. Read Full Article at RT.com.
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An alternative scheme developed by Moscow will reportedly work around dollar transactions in international payment operations.
Russia is set to unveil its proposal for a new international financial system during the upcoming BRICS summit, as reported by Reuters, which cites a document distributed to journalists in advance of the event.
The proposed system is believed to withstand Western sanctions and may challenge the US dollar's dominance in global exchanges and transactions. The news agency notes that the new payment platform is grounded in blockchain technology and employs digital tokens supported by the national currencies of the participating countries.
This framework would facilitate the seamless and secure exchange of currencies without the prevalent reliance on dollar transactions. Furthermore, the platform is expected to utilize a network of commercial banks interconnected through the central banks of BRICS nations.
The proposal also reportedly includes the establishment of a 'BRICS Clear' platform for settling trade in securities and encourages member states to develop a unified rating methodology, though it does not mention the creation of a joint BRICS rating agency. The document purportedly criticizes existing international financial institutions, such as the International Monetary Fund, for serving the interests of the US and its allies.
Moscow has yet to comment on the Reuters report or release any documents related to it. Recently, Russian Finance Minister Anton Siluanov presented a reform proposal for the international financial system to finance ministers and central bank officials from BRICS nations.
During this occasion, he also criticized the West for its use of the international financial system and the US dollar as tools for political leverage. Siluanov stated that BRICS members have been exploring alternatives to the Western-centric global payment system, settlement depository, and ratings-agency framework.
Additionally, the minister indicated that new financial digital assets should be leveraged for international payments, stating, “It is faster, cheaper and more reliable. Operations are conducted without the involvement of the banks and infrastructure of third countries.” However, specific details regarding the proposal remain vague.
Russia has been actively decreasing its reliance on the dollar for international transactions. According to Russian Prime Minister Mikhail Mishustin, over 95% of mutual settlements with China, its largest trading partner, are conducted in national currencies.
Siluanov noted that BRICS countries plan to further diminish the US dollar's role in their mutual transactions in favor of national currencies.
The BRICS summit is set to take place in Kazan, southwest Russia, next week. Moscow currently chairs the organization, which includes Brazil, India, China, and South Africa, along with Egypt, Iran, the United Arab Emirates, and Ethiopia. According to Russian officials, over 30 nations, including NATO member Türkiye, have applied to join the economic bloc.
James del Carmen for TROIB News
Russia is set to unveil its proposal for a new international financial system during the upcoming BRICS summit, as reported by Reuters, which cites a document distributed to journalists in advance of the event.
The proposed system is believed to withstand Western sanctions and may challenge the US dollar's dominance in global exchanges and transactions. The news agency notes that the new payment platform is grounded in blockchain technology and employs digital tokens supported by the national currencies of the participating countries.
This framework would facilitate the seamless and secure exchange of currencies without the prevalent reliance on dollar transactions. Furthermore, the platform is expected to utilize a network of commercial banks interconnected through the central banks of BRICS nations.
The proposal also reportedly includes the establishment of a 'BRICS Clear' platform for settling trade in securities and encourages member states to develop a unified rating methodology, though it does not mention the creation of a joint BRICS rating agency. The document purportedly criticizes existing international financial institutions, such as the International Monetary Fund, for serving the interests of the US and its allies.
Moscow has yet to comment on the Reuters report or release any documents related to it. Recently, Russian Finance Minister Anton Siluanov presented a reform proposal for the international financial system to finance ministers and central bank officials from BRICS nations.
During this occasion, he also criticized the West for its use of the international financial system and the US dollar as tools for political leverage. Siluanov stated that BRICS members have been exploring alternatives to the Western-centric global payment system, settlement depository, and ratings-agency framework.
Additionally, the minister indicated that new financial digital assets should be leveraged for international payments, stating, “It is faster, cheaper and more reliable. Operations are conducted without the involvement of the banks and infrastructure of third countries.” However, specific details regarding the proposal remain vague.
Russia has been actively decreasing its reliance on the dollar for international transactions. According to Russian Prime Minister Mikhail Mishustin, over 95% of mutual settlements with China, its largest trading partner, are conducted in national currencies.
Siluanov noted that BRICS countries plan to further diminish the US dollar's role in their mutual transactions in favor of national currencies.
The BRICS summit is set to take place in Kazan, southwest Russia, next week. Moscow currently chairs the organization, which includes Brazil, India, China, and South Africa, along with Egypt, Iran, the United Arab Emirates, and Ethiopia. According to Russian officials, over 30 nations, including NATO member Türkiye, have applied to join the economic bloc.
James del Carmen for TROIB News
