The BRICS summit will trigger a big, sanctions-destroying explosion.
The fast-growing BRICS club is challenging the dominance of the Western-led order. At a summit as early as this week, Putin hopes to create a new global financial system that will protect Russia and its allies from sanctions and end US dominance.
“The system, which Russia calls the BRICS Bridge, will be set up within a year and will allow countries to settle payments through digital platforms run by their own Central Banks without outside influence. This will enable cheap and fast transactions, which will appeal to emerging economies,” the article said.
Western officials fear that the new scheme has real potential to change the global financial system, which many consider obsolete. It could also be used to circumvent sanctions and fight the dollar’s dominance in the global market.
