- BRICS is developing a new trading platform that will exclude the U.S. dollar from international transactions.
- Sergey Lavrov, Russian Foreign Minister, confirmed the project and the broader shift toward using local currencies.
- The initiative aims to accelerate de-dollarization and provide alternative payment methods for member nations.
- Lavrov noted that the move is a response to concerns over U.S. policies and the weaponization of the U.S. dollar in global trade.
- The planned platform could cause substantial changes to the global financial system if it gains broad adoption.
Sergey Lavrov, the Russian Foreign Minister, stated that BRICS, a group of major emerging economies, is creating an alternative trading platform. This new system will focus on making cross-border payments without using the U.S. dollar. Lavrov shared this update as the alliance moves to strengthen financial independence among member countries.
The new trading platform will allow settlements in local currencies instead of relying on the U.S. dollar. According to Lavrov, “The trend towards creating alternative platforms and payment and other logistics mechanisms necessary for normal trade is ongoing.” The initiative is part of a broader effort to speed up de-dollarization, which means reducing the use of the U.S. dollar in international trades.
Lavrov also commented that choices by American leaders have pushed BRICS to act quickly. He referenced comments by former U.S. President Donald Trump, saying that recent policies are causing harm to the dollar’s standing. “Trump said that Biden, with his actions regarding the dollar, was causing colossal harm to Americans and their leading positions in the global financial system.” Lavrov added, “Those who are responsible for finances in Donald Trump’s administration have not yet drawn any conclusions from this assessment of their leader.” He stressed that these developments have increased momentum behind the BRICS move away from the dollar.
In recent years, BRICS nations have discussed using a basket of local currencies instead of the U.S. dollar for settling international accounts. Lavrov remarked that actions that use a country’s currency to advance foreign policy objectives can weaken global trust in it. If the new platform is widely adopted, developing countries could choose to settle more trades in their own currencies.
The BRICS partnership includes large economies that play a growing role in world trade. Proposals like using local currencies for payments have the potential to reshape global finance if implemented broadly. For more context, the original statement appeared in an interview with Russian Foreign Minister Sergey Lavrov.
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