The American “Bloomberg” agency reported that “Russia has proposed making amendments to the cross-border payment systems between the BRICS countries with the aim of bypassing the global financial system,” in the context of its efforts to reduce its dependence on the US dollar.
According to the agency, “The proposed alternatives include developing a network of commercial banks that can conduct these transactions in local currencies, in addition to establishing direct links between central banks. The plan also included establishing centers for mutual trade in basic commodities such as oil, natural gas, grains, and gold.” “.
The agency noted that the “multi-currency system” would need to “isolate its participants from any external pressures such as cross-border sanctions,” adding that American interests “do not always align with the interests of other participants” within the global financial network.
A few days ago, Russian Presidential Assistant Yuri Ushakov announced, “The BRICS group intends to launch a unified financial platform for clearing and reinsurance, which will expand the scope of settlements in national currencies between member states,” stressing, “The launch of the aforementioned tools will lead to expanding settlements in national currencies and reducing costs.” Intra-trade.
It is noteworthy that “the BRICS countries include “Brazil, Russia, India, China, and South Africa,” and the global financial system is currently dominated by “America and Europe – the dollar,” and according to the Brookings Institution, the dollar represents 58% of international payments.”
The United States of America and its allies imposed broad sanctions on Russia during February 2022. They also froze Russia’s foreign assets and excluded major Russian banks from the global financial transfer system “SWIFT.”
The BRICS group was founded in 2006, and its first meetings were held in 2009. The group considers itself an alternative to Western economic hegemony, represented by the Group of Seven major countries, led by the United States.
The BRICS contribution to the global economy reached 31.5%, before the five new countries joined, compared to 30.7% for the seven industrial powers.
“BRICS” is an abbreviation of the first letters in the Latin language (BRICS) that make up the names of the countries with the fastest economic growth in the world, which are Brazil, Russia, India, China and South Africa. The first summit was held between the heads of the four founding countries in Yekaterinburg, Russia, in 2009, which included the announcement of the establishment of a global system. Bipolar.
Last updated: October 12, 2024 – 21:28
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