Russia Urges BRICS to Develop New Cross-Border Payment System

Amid Western sanctions, Russia seeks to establish a financial network independent of U.S. influence.

Russia has proposed a new cross-border payment system for BRICS nations to reduce reliance on the Western-dominated financial system.
The initiative aims to create a network of commercial banks, central bank links, and possibly a new multinational platform using digital currencies.
Russian Finance Minister Anton Siluanov emphasized the need for an independent system free from political pressures.
Key BRICS members like China and India sent junior officials to a Moscow meeting, highlighting potential challenges in gaining full member support.
The proposal is part of Russia's broader strategy to mitigate the impact of international sanctions following its invasion of Ukraine.