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Brics nations favour idea of common payment system – Russia

An efficient system can encourage payments in national currencies and ensure investments among the countries… – BRICS Business Council member.
Image: Shutterstock

Brazil, Russia, India, China and South Africa, a group of major emerging economies known as BRICS, back the idea of developing a common payment system, a Russian official said on Thursday.

Russia and its BRICS peers have been looking for ways to decrease their dependence on the U.S. dollar and have advocated using their national currencies in mutual trade.

Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), said “increasing non-market risks of the global payment infrastructure” was behind the plan to integrate the group’s national payment systems.

“An efficient BRICS payment system can encourage payments in national currencies and ensure sustainable payments and investments among our countries, which make up over 20% of the global inflow of foreign direct investment,” Dmitriev, a member of the BRICS Business Council, told reporters.

He did not give details about the payment system envisaged, but Russia began developing a national payment system as an alternative to the Belgium-based SWIFT financial messaging service in 2014 after Western sanctions were imposed on Moscow.

U.S. and other Western sanctions aimed to punish Russia for the annexation of Crimea and its role in the Ukrainian crisis.

Dmitriev said the five BRICS nations had also discussed creating a common cryptocurrency for mutual payments as the grouping was reducing the share of payments in the U.S. dollar.

The share of the dollar in Russian foreign trade payments has fallen to 50% from 92% over the past few years, while the rouble’s share has risen to 14% from 3%, he said.

Dmitriev did not say whether Russia supported the idea of the common BRICS cryptocurrency. Previously, Russian officials spoke against any cryptocurrencies, warning that they could be used in money laundering or financing terrorism.

The BRICS Business Council has also supported the Russian-backed initiative to create coordination centres for mutual investments within the BRICS bloc, Dmitriev said.

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In the meantime the South African delegation that is supposed to return tomorrow from Brazil is stuck.


They are booked on SAA. Whahahaaaaa.

Between ourselves and Russia we own 100% of the worlds platinum reserves.

The logical step is to utilize this advantage to our mutual benefit. Create cryptocurrency, called the Springbok, and make it fully convertible into platinum. The Reserve Bank buys platinum at the current depressed prices to serve as backing for the Springbok. Then we regulate the supply of platinum in order to manage the value of the Springbok going forward.

Just like the Springbok team is the best team on earth, the Springbok currency will become a winner in the international currency market. The favourite international reserve currency.

There is only one problem with this idea. The US will send its drones to motivate us to abandon this solution.

My good friend Sensei 🙂 did you know that Russian president Vladimir Putin has attained a 5th Dan black belt in JUDO?
He also received a (honorary) 8th grade in Kyokushin Karate.

Very interesting personal website of Putin, with sport interests, bio, and plethora of images. Can understand why he’s sort of a likable person.

Yup, the US will do anything to protect their reigning top position in global influence.

Thank you Michael. Never underestimate Putin hey?

China is already doing this.

End of comments.





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