BRICS to Establish Politically Neutral Payment System, Putin Reveals
Russian President Vladimir Putin announced that BRICS is working on an independent payment system to avoid political pressure and external interference.
Speaking at the St. Petersburg International Economic Forum, he noted that new members, including Saudi Arabia, Iran, and Egypt, have increased BRICS’ share of global GDP to 36% and its population share to 45%. Putin emphasized this initiative as part of his broader strategy to reduce reliance on the U.S.-dominated financial system.
Despite these efforts, BRICS has not yet introduced a system to rival SWIFT, facing criticism for its delay. Nevertheless, Putin remains optimistic about the bloc’s potential and its openness to new members.
Clever Robot News Desk 13th June 2024
