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brics-to-discuss-alternative-payment-platforms-at-upcoming-summit

BRICS to Discuss Alternative Payment Platforms at Upcoming Summit

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Russian Foreign Minister Sergey Lavrov announced that a report on alternative payment systems for BRICS nations will be presented at an upcoming summit in Kazan. The proposal, led by Brazilian President Lula da Silva, seeks to reduce reliance on traditional financial platforms. Lavrov emphasized the increasing use of national currencies in BRICS trade, particularly with […]

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BRICS Beats Dollar Dependence: National Currency Settlements Exceed USD Payments

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The BRICS bloc might have already overcome its dollar-dependence problem, as the volume of settlements in the national currencies of its member nations has already surpassed the USD-based exchanges. Using the U.S. dollar can lead to expenses that can be avoided when paying with other currencies, BRICS Deputy Chairman of the Chamber of Commerce and

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payments-in-national-currencies-surge-to-92%-among-sco-members

Payments in National Currencies Surge to 92% Among SCO Members

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Payments in national currencies among Shanghai Cooperation Organization (SCO) members have reportedly increased from 40% in 2022 to 92%, signaling a move away from reliance on the U.S. dollar. Similar to the BRICS economic bloc, the SCO, which includes Russia, China, India, and recently added Iran, is encouraging the use of local currencies to strengthen

Payments in National Currencies Surge to 92% Among SCO Members Read More »

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China and Russia Push for Increased Local Currency Use in Trade, Deepen BRICS Cooperation

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China and Russia solidified their cooperation in currency, finance, and within the BRICS framework following a meeting between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin. They committed to local currency use, payment infrastructure, and mutual investments, while also advancing collaboration in artificial intelligence, sustainable development, and global governance. China and Russia Strengthen

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Iran Backs Russia on BRICS Single Currency Initiative

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Iran plans to support Russia’s initiatives on creating a BRICS single currency and expanding national currency payments within the bloc, according to Iran’s Ambassador to Moscow, Kazem Jalali. The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring the creation of a new currency to reduce reliance on the U.S. dollar and mitigate

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russian-diplomat:-el-salvador-proposes-settling-trade-with-crypto

Russian Diplomat: El Salvador Proposes Settling Trade With Crypto

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El Salvador has proposed using cryptocurrency as an alternative payment method for trade with Russia. The Central American nation has reportedly expressed interest in joining the BRICS bloc and may formally apply for membership within one or two years. Ukraine-Russia Conflict Echoes in Central America El Salvador has proposed settling trade with Russia using cryptocurrency,

Russian Diplomat: El Salvador Proposes Settling Trade With Crypto Read More »

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Russian State Duma Deputy Chairman: BRICS SWIFT Counterpart Needed for Creating a New Economic Reality

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Alexander Babakov, Deputy Chairman of the Russian State Duma, highlighted the need to create a BRICS equivalent to the SWIFT messaging system, which routes payments alongside the current banking infrastructure. Babakov emphasized that this new system would help to reduce the dependence on Western institutions and simplify settlements outside the dollar-dominated system. BRICS SWIFT Equivalent

Russian State Duma Deputy Chairman: BRICS SWIFT Counterpart Needed for Creating a New Economic Reality Read More »

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BRICS Poised to Dominate World Bank and IMF, Says Russian Executive Director

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The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western dominance. He emphasized the importance of working patiently toward this goal and resisting provocations from those upholding the old global

BRICS Poised to Dominate World Bank and IMF, Says Russian Executive Director Read More »

brics-considers-iran’s-proposal-to-link-payment-systems-of-all-member-countries,-says-russian-official

BRICS Considers Iran’s Proposal to Link Payment Systems of All Member Countries, Says Russian Official

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The BRICS economic bloc is considering Iran’s proposal to link all member nations’ payment systems, according to Russian Deputy Foreign Minister Andrey Rudenko. The proposal aims to enhance BRICS countries’ financial sovereignty by establishing a resilient and sanctions-resistant payment infrastructure. Discussions include integrating financial markets, payments in national currencies, and new mechanisms for mutual financial

BRICS Considers Iran’s Proposal to Link Payment Systems of All Member Countries, Says Russian Official Read More »

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Putin Envisions Official BRICS Parliamentary Organization

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Russian President Vladimir Putin believes that the BRICS economic bloc will have its own official parliamentary organization in the future. Speaking at the 10th BRICS Parliamentary Forum, Putin emphasized the importance of parliaments in promoting multilateralism and global security. He highlighted BRICS’ principles of democracy, sovereignty, and mutual respect, and called for collective efforts to

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