New BRICS payment platforms, which offer alternatives to the US dollar and the euro, are attracting global attention, Russian Foreign Minister Sergey Lavrov said. These systems allow countries to conduct economic activities without relying on currencies used as political tools by Western powers. The Russian official noted that there is growing interest in these platforms as a way to avoid US and Western sanctions, with some countries joining BRICS initiatives in search of financial independence.

BRICS payment system attracts global attention as alternative to the dollar

Russian Foreign Minister Sergey Lavrov said on Monday that BRICS alternative payment platforms to the dollar and euro are attracting the interest of more countries. He made the statement at a press conference after talks with Egyptian Foreign Minister Badr Abdelatty. Tass quoted Lavrov as saying:

Many are attracted by the fact that payment platforms are being developed in BRICS, allowing transactions, investments, carrying out other economic activities without depending on those countries that decide to use the dollar and the euro as weapons.

BRICS nations are creating payment platforms to reduce their dependence on Western-controlled systems such as the dollar and SWIFT. Key initiatives include BRICS Pay, BRICS Bridge, Russia’s SPFS, and a proposed BRICS financial messaging system. They are also promoting local currency platforms for bilateral trade settlements in national currencies. The BRICS economic bloc, which originally included Brazil, Russia, India, China, and South Africa, has recently expanded its membership to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).

Lavrov stressed that these payment systems allow countries to manage their economies more independently, reducing the risk of sanctions from the United States and its allies. He said this shift is driven by the growing use of Western currencies as political tools, noting that countries are increasingly concerned about the threat of sanctions. Noting that no one wants to find themselves in such a situation, he warned:

Everyone understands that anyone can face sanctions from the United States or the West.

He reiterated that BRICS payment platforms offer a viable solution for countries that want to mitigate geopolitical risks and maintain autonomy in their financial transactions.

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