BRICS Nations Plan Precious Metals Exchange

Russia is leading discussions with BRICS nations to establish an international precious metals exchange aimed at ensuring fair pricing and enhancing trade among member countries. Finance Minister Anton Siluanov announced plans for this exchange, which would create new price indicators and standards for metals, potentially rivaling Western platforms like the London Metal Exchange. This initiative is part of a broader strategy for de-dollarization, allowing BRICS countries to trade precious metals using their own currencies instead of the US dollar. The BRICS summit in Kazan emphasized the need for financial cooperation free from Western influence, proposing a unified depository and clearance system to facilitate cross-border transactions. Additionally, leaders expressed support for a new trading system based on common quality standards for precious metals, reflecting a shift in international economic dynamics. These moves aim to strengthen BRICS's global economic position while reducing reliance on traditional Western financial structures.