đ¨The BRICS are preparing a masterstroke against the dollar!
â Member countries of the BRICS are intensifying their efforts to establish a new global economic dynamic. This initiative, driven by recent developments and major agreements, could disrupt the current balance of international trade.
đ¨BRICSâ Commitment to De-dollarization
â Russian Foreign Minister Sergey Lavrov recently emphasized at a press conference that the de-dollarization process within the BRICS is underway. He specifically stated that this process cannot be stopped. Lavrov also mentioned the ongoing development of an alternative payment system for the BRICS bloc. This system is expected to be recommended during this yearâs summit.
â The BRICS are showing increasing commitment to reducing the use of the dollar in their international transactions. In July, a major trade agreement worth $100 billion was signed between Russia and India. This agreement promotes trade in local currencies and marks a significant turning point in the blocâs de-dollarization strategy. It aligns with a series of similar initiatives, including a previous agreement with Iran.
đ¨Towards a New Payment System
â BRICSâ de-dollarization projects are not limited to bilateral agreements. They also include developments in payment systems. Lavrov mentioned the âideas of creating alternative payment platformsâ during the 2023 summit. Iran has recently expressed its support for this system, wishing for all central banks of the bloc to be connected.
â This initiative could have major repercussions on the use of the dollar globally, thereby reducing the financial influence of the United States. The BRICS are also working on establishing a mechanism for settlement of payments and accounts. This development could potentially disrupt established international financial practices.
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