Russia's boldest BRICS plan: multi-currency revolution against the dollar!

Russia's boldest BRICS plan: multi-currency revolution against the dollar!

The Brics nations faces a possible realignment of the global financial landscape, with Russia entering the spotlight with a revolutionary idea. The proposal: a system for multi-currency payments that aim to weaken the dominance of the US dollar in international trade policy. This concept is intended to reduce the dependence of the Brics countries of western financial powers and strengthen the local currencies of the members.

Russia suggests that cross -border transactions use all currencies to be handled by the existing Member States. Moscow wants to make his economy and that of the other Brics countries immune to western sanctions. It is about the creation of a financial shelter that is intended to protect participants from external influences such as the extraterritorial sanctions, as a joint report by the Russian Ministry of Finance, the Bank of Russia and the consulting firm Yakov & Partner reveals.

conflicts of interest and support potential

The different interests of the Brics countries make it difficult to implement. India makes it clear that it does not plan a departure from the US dollar and sees it as an integral part of its economic policy. The United Arab Emirates are dependent on the US dollar due to their global economic position. The possibility that China and Iran could join the concept remains, since both countries also strive for an end to the dollar dependency.

According to information from watcher.guru wants to russia on the upcoming Present the Brics summit. It is an ambitious attempt to sound a new era of global balance of power. But the challenge of reconciling all the divergent interests is enormous.

The Brics summit in the focus

All eyes are now directed towards the 16th BRICS summit, which will take place in the Kazan region in Russia from October 22nd to October 24th. Here it could decide whether Russia's idea is supported or whether it is perceived as a desperate attempt by an isolated state. The next time will show whether we are at the beginning of a new global financial dynamics or whether the status quo is preserved.