Putin Rejects New BRICS Payment System

At the recent BRICS summit in Kazan, Russian President Vladimir Putin downplayed the need for a new special system for cross-border payments among BRICS nations, asserting that existing infrastructure is sufficient despite current delays in trade transactions with key partners like China and Turkey. The summit brought together leaders from BRICS countries to discuss alternatives to Western-dominated financial systems and the potential establishment of an independent payment system using national currencies. Participants adopted the Kazan Declaration, emphasizing the importance of local currencies in financial transactions and expressing concerns over unilateral economic sanctions. Additionally, discussions included the nascent BRICS Pay system, which aims to utilize blockchain technology and central bank digital currencies (CBDCs) to facilitate payments, as part of broader de-dollarization efforts. The summit illustrated BRICS' aim to strengthen financial cooperation and investigate alternatives to the US dollar amidst increasing global tensions. Analysts note that these initiatives reflect a unifying mission among BRICS nations to counter American financial dominance.