Kremlin Says BRICS Doesn't Intend to 'Defeat the Dollar'
Kremlin spokesman Dmitry Peskov has clarified that BRICS member states are not conspiring against other currencies. Read Full Article at RT.com.
TroibNews 
Kremlin spokesman Dmitry Peskov stated on Tuesday that BRICS member states are not targeting the US dollar or any other currencies, as reported by RIA Novosti. He highlighted that the group's cooperation is focused on their own interests.
Peskov rebutted rumors circulating in the Western media suggesting that the participants of this week's BRICS Summit in Kazan plan to devise a “plan to defeat the dollar.” An article in The Economist published on Sunday claimed that Russian President Vladimir Putin aims to “build a new global financial-payments system to attack America’s dominance of global finance and shield Russia and its pals from sanctions.”
“Cooperation within BRICS is not directed against anyone or anything – neither against the dollar nor against other currencies,” Peskov asserted. “It pursues the main goal of ensuring the interests of those countries that participate in this format.”
Earlier this year, the Russian Finance Ministry announced that Russia is developing a settlement-and-payment infrastructure alongside the central banks of BRICS nations. The new financial system, known as the ‘BRICS Bridge’ platform, aims to facilitate transactions in national currencies and operate independently of external dominant forces.
Furthermore, the BRICS Bridge may enable member nations to conduct transactions using central bank digital assets linked to their national currencies, according to Finance Minister Anton Siluanov.
Russia has also intensified its efforts to move away from the SWIFT system, particularly after many of its financial institutions were excluded from the Western financial network in 2022.
Moscow has been increasing trade with international partners using their respective national currencies, a trend that has gained traction among BRICS members, who are moving away from the dollar and euro for trade transactions.
Major BRICS economies have begun to abandon the dollar, driven by the weaponization of the currency through sanctions, which has led businesses to seek alternative payment methods.
By the end of 2023, the share of national currencies in Russia’s transactions with BRICS countries rose to 85%, up from 26% just two years prior.
Olivia Brown for TROIB News
Peskov rebutted rumors circulating in the Western media suggesting that the participants of this week's BRICS Summit in Kazan plan to devise a “plan to defeat the dollar.” An article in The Economist published on Sunday claimed that Russian President Vladimir Putin aims to “build a new global financial-payments system to attack America’s dominance of global finance and shield Russia and its pals from sanctions.”
“Cooperation within BRICS is not directed against anyone or anything – neither against the dollar nor against other currencies,” Peskov asserted. “It pursues the main goal of ensuring the interests of those countries that participate in this format.”
Earlier this year, the Russian Finance Ministry announced that Russia is developing a settlement-and-payment infrastructure alongside the central banks of BRICS nations. The new financial system, known as the ‘BRICS Bridge’ platform, aims to facilitate transactions in national currencies and operate independently of external dominant forces.
Furthermore, the BRICS Bridge may enable member nations to conduct transactions using central bank digital assets linked to their national currencies, according to Finance Minister Anton Siluanov.
Russia has also intensified its efforts to move away from the SWIFT system, particularly after many of its financial institutions were excluded from the Western financial network in 2022.
Moscow has been increasing trade with international partners using their respective national currencies, a trend that has gained traction among BRICS members, who are moving away from the dollar and euro for trade transactions.
Major BRICS economies have begun to abandon the dollar, driven by the weaponization of the currency through sanctions, which has led businesses to seek alternative payment methods.
By the end of 2023, the share of national currencies in Russia’s transactions with BRICS countries rose to 85%, up from 26% just two years prior.
Olivia Brown for TROIB News
