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BRICS Backs Russia's Push for New Global Payment System to Counter Western Control
Russian Deputy Finance Minister Ivan Chebeskov announced that BRICS partners have shown strong support for Russia’s proposal to develop a BRICS payment system.
Speaking from Washington during the International Monetary Fund (IMF) and World Bank meetings, Chebeskov described the global payment framework as “outdated, expensive, and ineffective.” He elaborated: “What are we proposing within the BRICS framework? We propose … to think about improving the current settlement mechanisms. And within the BRICS framework, we have made such proposals. Basically, we have received a positive response from our partners.”
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