Official announcements from BRICS or member nations, credible financial news outlets

BRICS' Sergey Ryabkov Confirms Real Payment System Initiative Amid U.S. Threat of 100% Tariffs on BRICS Nations

Dec 19, 2024, 03:32 AM

Russian Deputy Foreign Minister Sergey Ryabkov has confirmed that the establishment of a BRICS payment and settlement system is a tangible initiative, not a hypothetical concept. This announcement comes amid the bloc's efforts to reduce reliance on the U.S. dollar, particularly in light of recent threats from former President Donald Trump regarding potential tariffs on BRICS nations if they shift away from the dollar. The BRICS group, which includes Brazil, Russia, India, China, South Africa, and new members Saudi Arabia and Iran, is actively pursuing alternatives to the dollar, with Ryabkov criticizing U.S. policies as flawed and asserting that Washington's actions are undermining the dollar's dominance.