Russian President Vladimir Putin has revealed plans for an independent payment system in collaboration with BRICS nations to secure foreign trade transactions. This move reflects a strategic shift aimed at increasing Russia’s and BRICS’s autonomy in global trade amid broader economic changes. Russia Announces Independent Payment System with BRICS for Foreign Trade During the Russian […]
BRICS nations are considering adopting the petroyuan for oil trade as part of their ongoing dedollarization efforts, according to economic expert Herbert Poenisch. He noted the BRICS group may discuss alternatives to the petrodollar at their Kazan summit. He highlighted Saudi Arabia’s potential shift towards the petroyuan and Russia’s plans to reduce dollar reliance. However, […]
North Korea may be ramping up efforts to align itself with the BRICS economic bloc, as its top diplomat skipped the United Nations General Assembly in favor of a BRICS-related event. Analysts suggest that while Kim Jong-un seeks to break diplomatic isolation through such alliances, North Korea’s sanctions and economic constraints make membership unlikely. Recent […]
Russia is pushing to develop independent interbank networks and payment systems within BRICS to boost the bloc’s financial influence. Moscow aims to expand cross-border settlements and the use of national currencies in BRICS trade, as part of a strategy to reduce dependence on Western financial institutions. These efforts have gained attention during Russia’s BRICS presidency, […]
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 […]