Russia Pitches BRICS Payment System Aiming to Break US Dominance
- Report says settlements with tokens could save billions
- Russia has sought to lower reliance on dollar after sanctions
In this pool photograph distributed by the Russian state agency Sputnik, Vladimir Putin attends a meeting in Ashgabat, Turkmenistan.
Photographer: Gavriil Grigorov/AFP/Getty ImagesThis article is for subscribers only.
Russia is proposing changes to cross-border payments conducted among BRICS countries aimed at circumventing the global financial system, as the heavily penalized country seeks to sanctions-proof its own economy.
The alternatives include developing a network of commercial banks that can conduct such transactions in local currencies as well as establishing direct links between central banks, according to a report prepared by the Russian Finance Ministry, the Bank of Russia and Moscow-based consultancy Yakov & Partners.