BRICS EXPLORES INNOVATIVE CROSS-BORDER PAYMENT SYSTEM: REPORT

Thu 27 March 2025:

Russian Finance Minister Anton Siluanov said Moscow is working on financial instruments within BRICS, including a cross-border payment system, state-run news agency TASS said Wednesday.

“At the BRICS platform, we are considering our various financial innovations, including a cross-border payment system, which can be based, in addition to bilateral settlements, on national currencies, taking into account digital technologies and digital financial assets,” he said.

Siluanov pointed out that Moscow is closely following developing technologies.

“Building a financial infrastructure is very important for the development of trade and the economies of our countries,” he noted.

Due to Western countries’ SWIFT sanctions against Russian banks, BRICS recently accelerated efforts to develop alternative payment systems.

Siluanov said the Russian budget will have a smaller deficit this year compared to 2024.

Pointing out that the ratio of the budget deficit to GDP was 1.7% last year, he said the figure is planned to decline to 0.5% this year.

__________________________________________________________________________

https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22

__________________________________________________________________________

Trump vs. BRICS

Donald Trump, U.S. President and a polarizing figure, has shaped global politics with his “America First” approach. He’s all about economic nationalism—think tariffs, trade wars, and reducing U.S. reliance on international alliances. During his presidency (2017-2021), he pushed hard against China’s economic rise, slapped sanctions on Russia, and pulled out of deals like the Paris Climate Accord.

His stance on BRICS countries—Brazil, Russia, India, China, and South Africa—was skeptical; he saw them, especially China and Russia, as threats to U.S. dominance. Trump’s not a fan of multilateral groups unless they bend to U.S. interests, so BRICS, with its growing clout, was more a rival than a partner.

Now, BRICS. It’s an economic bloc formed in 2006 (South Africa joined in 2010) to counter Western financial dominance, like the U.S.-led IMF and World Bank. These five nations represent over 40% of the world’s population and about 25% of global GDP. They’re pushing for a multipolar world—less U.S. dollar supremacy, more trade in their own currencies. China’s the heavyweight here, driving projects like the Belt and Road Initiative,

while Russia leans in for geopolitical leverage. They’ve got a development bank (the NDB) and talk about a BRICS currency, but it’s still early days. Tensions? India and China clash, and Brazil’s often wobbly on commitment.

Trump vs. BRICS? He’d likely see it as a challenge to U.S. power—especially if they undermine the dollar. BRICS wants influence; Trump wants control.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

__________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

WhatsApp CHANNEL
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22