The Economist: Unveiling at BRICS Summit – Putin’s plan to defeat the dollar
At the BRICS summit in Kazan, Vladimir Putin will seek to advance Russia's goal of creating a global financial-payments system independent of the US dollar. By promoting "BRICS-Bridge," Putin aims to challenge America's financial dominance and protect Russia from sanctions. The proposed system, leveraging digital platforms, could reshape cross-border transactions, drawing inspiration from China's mBridge project. Despite potential hurdles, the BRICS bloc seeks to reduce reliance on Western finance and offer a faster, cheaper alternative for emerging economies.
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From The Economist, published under licence. The original article can be found on www.economist.com
© 2024 The Economist Newspaper Limited. All rights reserved.
The Economist
He hopes this week's BRICS summit will spark a sanctions-busting big bang
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