Russian Foreign Minister Sergey Lavrov acknowledged that BRICS is striving to create a new payment system that does not include the US currency in its process. The minister went on to say that the new payment system will not only settle cross-border transactions, but will also serve as a comprehensive financial system.
When the project is introduced, developing nations may gravitate toward it and abandon the US currency. The global financial sector may undergo a paradigm shift as a result of the new BRICS payment system. To find out which US industries may be impacted if the BRICS countries stop using the dollar for trade, click this link.
Trading, Investing, and Settlements Will Be Included in the New BRICS Payment System
The Russian minister disclosed that trade settlements, investment opportunities, and trading will all be available through the new BRICS payment system. He clarified that the system will let nations engage in financial transactions without relying on the US dollar. The alliance’s efforts to dedollarize their economy will be greatly strengthened by the move.
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Additionally, Lavrov attacked the US and Europe for imposing sanctions on nations they disapprove of. He emphasized that the BRICS decision to introduce a new payment method was prompted by the sanctions. De-dollarization resulted from White House sanctions against poor nations, as US Treasury Secretary Janet Yellen said.
“The fact that BRICS countries are developing payment systems attracts a lot of people. This permits investment, trading, and other economic activities without relying on those who choose to turn the dollar and the euro into weapons,” the foreign minister stated.
In fear of US sanctions, the minister continued, developing countries will swarm to the BRICS payment system. “Everyone knows that anybody could be subject to US or other Western sanctions,” he remarked in a meeting with his counterpart Badr Abdelatty from Egypt.
