Russia Proposes New Financial Systems at BRICS Summit

Moscow seeks to establish alternatives to Western-dominated financial structures amid ongoing tensions with the West.

Russia aims to create a BRICS cross-border payment system to bypass the U.S. dollar, utilizing blockchain technology for secure transactions.
The proposed BRICS Clear platform would facilitate international trade in national securities, ensuring access even if Western financial systems are inaccessible.
A BRICS reinsurance company is suggested to maintain trade flows, countering Western reinsurance firms' dominance, crucial for Russia amid oil price caps.
Russia advocates for a BRICS Contingent Reserve Arrangement as an alternative to the IMF, providing economic support to member countries during crises.
The establishment of a BRICS grain trade exchange is proposed to offer an alternative to Western commodity pricing systems, enhancing trade within the group.