Lavrov indicated in an interview with the international TV BRICS network, yesterday, Saturday, that the alternative payment system “was on the agenda of the summit in Kazan and the meetings held during the year between finance ministers and central bank governors.”
He continued: “The recommendations have been formulated. “It is not final yet, but it has provided the possibility to start creating reliable and stable systems for the long term,” he said, adding: “I am convinced that Brazil, the next chair of the group, will continue this work.”
He pointed out that the US dollar “is being used as an increasingly aggressive weapon in the global economy, and therefore it is necessary to protect against it and create an alternative payment system away from risks.”
He added that the United States “feels a loss of dominance… and wants to use all means, including prohibited ones, in order to maintain its prestige.”
Russian Finance Minister Anton Siluanov had previously announced that establishing an alternative system for financial transactions between the BRICS countries is considered necessary, indicating that it will be established taking into account the experience of using digital financial resources.
It is noteworthy that the BRICS group includes Russia, China, India, Brazil, South Africa, Iran, the Emirates, Egypt and Ethiopia. An invitation was also extended to Saudi Arabia to join the group.
Russia chairs the BRICS group this year, and hosted the group’s summit in the city of Kazan during the period from 22 to 24 last October.
Source: Novosti
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lena petrova – wikipedia
**Interview with Top Economist Dr. Elena Petrova on BRICS Alternative Payment Systems**
**Interviewer:** Thank you for joining us, Dr. Petrova. With recent statements from Russian Foreign Minister Sergey Lavrov about creating payment systems free from the influence of the US dollar, what are your initial thoughts on the potential impact of this initiative?
**Dr. Petrova:** Thank you for having me. The initiative proposed by BRICS is undoubtedly significant. It aims to enhance economic independence among member countries and reduce reliance on a currency that has been increasingly weaponized in global trade.
**Interviewer:** Lavrov also mentioned that the US dollar is being used as an “aggressive weapon” in the global economy. Do you believe this perception is justified, and how might this shape international relations moving forward?
**Dr. Petrova:** Many countries have expressed concerns about the unilateral use of the dollar in sanctions and trade barriers. This viewpoint could drive nations to seek alternatives, which may shift power dynamics and create a multipolar financial landscape. However, it could also escalate tensions with the US.
**Interviewer:** As BRICS expands to include new member countries, such as Saudi Arabia, what challenges do you foresee in implementing these alternative payment systems?
**Dr. Petrova:** Integrating diverse economies with varying monetary policies and economic landscapes will be complex. Ensuring a stable and reliable financial infrastructure that all member states trust will be key to the success of such systems.
**Interviewer:** Lastly, do you think the move towards an alternative payment system is likely to succeed, and what could be the consequences for countries that continue to rely heavily on the US dollar?
**Dr. Petrova:** Success will depend on the collective effort of BRICS members and their commitment to cooperation. Countries that cling to the dollar could face increased vulnerability to economic sanctions and shifts in global trade patterns. However, it also raises questions about the stability and security of any alternative system put in place.
**Interviewer:** Thank you, Dr. Petrova, for your insights. To our readers, what do you think about the creation of alternative payment systems by BRICS? Could this reshape the global economy, and do you see potential risks involved in reducing reliance on the US dollar? Share your thoughts!
