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At BRICS summit, Russia will push to end dollar dominance
By Gleb Bryanski
Reuters
Wednesday, October 16, 2024
MOSCOW -- Russia is seeking to convince BRICS countries to build an alternative platform for international payments that would be immune to Western sanctions when it hosts the group's leaders at a summit next week.
President Vladimir Putin is keen to build up BRICS -- which has expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates as well as Brazil, Russia, India, China, and South Africa -- as a powerful counterweight to the West in global politics and trade.
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The Oct. 22-24 summit in the city of Kazan is being presented by Moscow as evidence that Western efforts to isolate Russia have failed. It wants other countries to work with it to overhaul the global financial system and end the dominance of the U.S. dollar.
Central to that is the proposal for a new payments system based on a network of commercial banks linked to each other through the BRICS central banks, according to a document prepared by Russia's finance ministry and central bank, distributed to journalists ahead of the summit. ...
... For the remainder of the report:
https://www.reuters.com/world/brics-summit-russia-push-end-dollar-dominance-2024-10-16/
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