Russian President Vladimir Putin may propose to the BRICS leaders to build a new global financial and payment system at the BRICS summit in Kazan, The Economist reports. In this way, the Russian leader hopes to “give the bloc weight”, the publication points out.
The Economist recalls in its article that back in June the Russian Finance Ministry announced the emergence of a BRICS Bridge platform for settlements in national currencies, including digital currencies.
“At the BRICS summit, Putin hopes to add weight to the organisation by proposing a new global financial and payment system to deal a blow to America’s dominance in global finance and protect Russia and its friends from sanctions,” The Economist said.
The BRICS payment system could provide cheaper and faster transactions, the publication says. The publication notes that this may interest countries with developing economies.
Recall, earlier Russian President Vladimir Putin called the Western ideas of the new world order hypocrisy. According to him, they are aimed solely at preserving the neocolonial system, manifesting its essence in the form of “hypocrisy, double standards and claims”.
