BRICS Announces Launch of New Independent Payment System

In a landmark development, the BRICS economic alliance formally announced that it will introduce an independent payment system. In fact, Russian President Vladimir Putin confirmed his commitment to the project at the SPIEF-2024 conference currently taking place in the country.

Putin said the alliance is “working on our own independent payment system, free from political pressure, abuse and external interference.” In contrast, discussions on the integration of a BRICS-centric payment system have been the bloc’s focus for most of last year.

BRICS announces introduction of its own payment system

Throughout 2023, the BRICS economic alliance has consistently questioned the geopolitical status quo. The group has spared no effort in its efforts to realize a multipolar world. Furthermore, there have been constant efforts to reduce international dependence on the US dollar and Western economic structures.

Now, the bloc has taken a big step towards that goal. Specifically, it announced that the BRICS alliance will officially launch its own payments system. The Russian president took to the stage on Friday to introduce the project and reiterate its importance to the bloc’s future dreams.

“This year, BRICS was joined by new participants: Saudi Arabia, Iran, the United Arab Emirates (UAE), Egypt, and Ethiopia,” Putin also noted. He went on to note that the alliance “has tremendous potential for the joining of new participants” from different continents. He then voiced Moscow’s support for facilitating these expansion efforts.

Since 2022, the economic alliance has been continuously exploring ways to de-dollarize the global financial world. With its own independent payment system, the bloc has taken a big step towards this reality. Moreover, the upcoming BRICS summit in 2024 should provide insights into even more ways to make these hopes a reality.