Official announcements from BRICS or individual member countries' government websites

Putin Outlines New Financial System, Digital Currency at Kazan BRICS Summit to Challenge US Dollar

Oct 20, 2024, 09:17 PM

Russian President Vladimir Putin has outlined plans for a new global financial-payments system at the upcoming BRICS summit, aiming to challenge America's dominance in global finance and shield Russia from sanctions. Despite the initial suggestion in 2022 to implement a BRICS currency to end the hegemony of the dollar, Putin acknowledged that the countries are not ready for it. Instead, he proposed considering trading in national currencies. The summit, which will be held in Kazan, marks the 15th year of the BRICS alliance, consisting of founding members Brazil, Russia, India, China, and South Africa. Putin also emphasized Russia's strategic partnership with China and the potential for a BRICS digital currency to reduce dependency on the US dollar and provide a SWIFT alternative. He hopes this summit will spark a sanctions-busting big bang.