Russian President Vladimir Putin has doubled down on phasing out the use of the US dollar and other “toxic” currencies.
The BRICS nations (Brazil, Russia, India, China, and South Africa) are developing a payments platform to bypass the US dollar and facilitate trade in their national currencies.
Russian Foreign Minister Sergey Lavrov announced the initiative, driven by Russia’s desire to evade US sanctions and move away from the dollar.
The new BRICS payments system may utilize digital currency, enabling central banks to process local currency transactions directly, according to Christopher Granville.
The next BRICS meeting in Kazan, Russia (October 22-24) may bring further developments and traction on this initiative to reduce dependence on the US dollar.
