The BRICS alliance is intensifying its commitment to de-dollarization, with recent updates on its upcoming payment system. Alexander Zhukov, the First Deputy Chairman of Russia’s State Duma, discussed the system at the BRICS Goals in the Context of the New World Order SPIEF Session. Zhukov revealed that 80% of payments to BRICS nations are made in national currencies, emphasizing the importance of expanding the use of national currencies in settlements. The alliance aims to reduce reliance on Western-dominated financial systems.
BRICS has been challenging the global economic status quo by promoting de-dollarization and using their local currencies. The alliance is focused on developing a payment system independent of foreign currency and banking systems. Zhukov emphasized the need to enhance BRICS’ role in the international finance system and highlighted the project as a key direction for economic cooperation. He mentioned Russia’s experience with sanctions in 2022, prompting the need for an independent settlement payment system.
Zhukov stated that 80% of Russian trade is conducted in local currencies, reflecting a major trend among alliance nations to reduce dependence on the US dollar and support a multipolar world. The alliance’s continued efforts to shift away from Western-dominated financial systems are expected to be a key focus leading into the 2024 summit.
Source link
