Kremlin admits BRICS not aiming ‘to defeat the dollar’
Date
10/26/2024 9:17:43 AM
(MENAFN) The Kremlin has clarified that the BRICS member states are not focused on undermining the US dollar or other currencies, as stated by spokesman Dmitry Peskov in an interview with RIA Novosti on Tuesday. Peskov emphasized that the cooperation among BRICS nations is primarily aimed at serving their own interests rather than targeting any specific currency.
This statement comes in response to speculations circulating in Western media, particularly following an article in The Economist that suggested Russian President Vladimir Putin was intent on creating a new global financial and payment system designed to challenge American financial dominance and protect Russia and its allies from sanctions.
“Cooperation within BRICS is not directed against anyone or anything – neither against the dollar nor against other currencies,” Peskov asserted. He reiterated that the main objective of BRICS is to safeguard the interests of its member countries.
Earlier this year, the Russian Finance Ministry revealed plans to develop a settlement and payment infrastructure in collaboration with the central banks of BRICS nations. This initiative, known as the ‘BRICS Bridge’ platform, aims to facilitate transactions in national currencies and operate independently from the influence of external parties.
Finance Minister Anton Siluanov highlighted that the BRICS Bridge could also enable member states to engage in transactions using central bank digital assets tied to their national currencies. This move aligns with Russia's ongoing efforts to reduce its reliance on the SWIFT banking system, especially after many of its financial institutions were excluded from this Western network in 2022.
In summary, the Kremlin's remarks underscore that the goals of the BRICS Summit are not about challenging the supremacy of the dollar but rather about enhancing economic collaboration and financial independence among its members.
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