Putin Announces BRICS Nations are Creating Their Own Payment and Settlement System
Russian President Vladimir Putin announced plans for an independent payment and settlement system in collaboration with BRICS nations during the Russian Energy Week Forum.
This initiative aims to facilitate foreign trade transactions and enhance autonomy in global commerce amid shifting economic landscapes. Putin emphasized that the system would promote efficient handling of trade dealings, reflecting a strategic move to strengthen economic cooperation among BRICS members, which include Brazil, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE.
Additionally, Russia is working on developing interbank networks and expanding cross-border settlements to reduce reliance on traditional Western financial systems.
Clever Robot News Desk 29th September 2024
