Putin announces BRICS payment system

Russian President Vladimir Putin announced plans for a new payment and settlement system for BRICS nations aimed at enhancing their autonomy in foreign trade.

Speaking at the Russian Energy Week Forum in Moscow, Putin explained that the initiative seeks to ensure efficient and independent handling of transactions between BRICS member countries, which include Brazil, Russia, India, China, and South Africa.

“We are working within the framework of cooperation with BRICS countries on the creation of our own payment and settlement configuration,” Putin said, according to Tass.

This system is designed to make foreign trade smoother and less dependent on traditional financial systems dominated by Western institutions.

The announcement highlights a broader shift in economic strategy as BRICS countries push for alternatives to U.S. and European financial platforms, especially during international economic challenges.

Russian Foreign Minister Sergey Lavrov confirmed that a report on these alternative payment systems would be presented at an upcoming BRICS summit in Kazan.

Brazilian President Lula da Silva has been a key advocate of this initiative, aiming to reduce BRICS nations’ reliance on the U.S. dollar and euro for cross-border trade.

In addition to the new payment system, Russia is working on creating independent interbank networks to facilitate trade between BRICS members using their national currencies.