MENAFN – At the upcoming BRICS summit, Russia will propose a new international financial system. The goal is to reshape global economics and lessen dependence on the US dollar. This plan, shared with journalists, aims to create a system resilient to Western sanctions.
The new system will use blockchain technology and digital tokens backed by the currencies of BRICS nations—Brazil, Russia, India, China, and South Africa. This will allow secure currency exchanges between member states without relying on the dollar.
Additionally, Russia proposes a new payment platform linked through commercial banks to the central banks of each BRICS country, improving trade efficiency.
There is also a plan for a ‘BRICS Clear’ platform for settling trades in securities, suggesting a move towards a unified financial structure that could disrupt existing norms. The proposal calls for a common rating system among BRICS nations but doesn’t advocate for a joint rating agency.
This initiative critiques current international financial institutions like the IMF for favoring the US and its allies, reflecting a view among BRICS members that the global financial system needs reform.
While Moscow has not commented on the proposal’s specifics, Russian Finance Minister Anton Siluanov has highlighted the need for reform in discussions with other BRICS officials. The upcoming summit could be crucial for shaping a new global financial landscape that supports emerging economies.
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