BRICS surprisingly relies on existing payment structures!

BRICS surprisingly relies on existing payment structures!

The news hit like a bomb! At the 2024 BRICS Alliance summit, the alliance surprised by announcing that there are no plans to establish a new cross-border payment system. Russian President Vladimir Putin stated that the current infrastructure is fully sufficient for the needs of the economic community. This statement thwarted many observers who had expected a contrary announcement.

Russia, Brazil, India, China and South Africa - the countries of the BRICS alliance - have committed themselves to fighting the dollar's dominance over the past year and intensified their efforts to use local currencies in trade. But instead of a new payment system, the alliance continues to rely on existing structures.

BRICS is sticking with proven structures

The Just Reuters report quoted Putin as saying: “But we are not inventing a separate common system at the moment.” With these words, Putin contradicts the rumors and expectations that have been circulating in previous months. Nevertheless, the de-dollarization strategy of the BRICS members is unbroken - and how! The alliance wants to continue working on global economic supremacy and is committed to a multipolar world order.

Last year, the BRICS alliance experienced significant growth, expanding for the first time in over a decade. Another milestone on this path was the welcoming of 13 official partner nations during the summit. These partnerships are intended to further underline the goal of reducing dependence on the West and strengthening our own economic position.