Russia is proposing amendments to the system of cross-border payments between the BRICS with the aim of bypassing the global financial system, as the country seeks to protect its economy from harsh sanctions.
Proposed alternatives include building a network of commercial banks that can conduct these transactions in local currencies, as well as establishing direct links between central banks, according to a report by the Russian Ministry of Finance, the Central Bank of Russia and Moscow-based consultancy Yakov & Partners.
The report noted that a “multi-currency system” would need to “isolate its participants from any external pressures such as cross-border sanctions,” adding that U.S. interests “do not always align with those of other participants” within the global financial network.
The plan also includes the creation of trading hubs for commodities such as oil, natural gas, grains and gold.
BRICS
Russian President Vladimir Putin
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