BRICS news and updates

BRICS has unveiled significant details about its new payment system, aimed at enhancing financial cooperation among its member countries—Brazil, Russia, India, China, and South Africa. This initiative is part of a broader strategy to reduce reliance on the US dollar and challenge the dominance of Western financial systems like SWIFT.

Key Features of the BRICS Payment System​

• Decentralization: The system is designed to distribute financial flows among multiple participants, minimizing the risk of central failures and enhancing stability and transparency
• Interoperability: Utilizing open APIs, the BRICS payment platform will allow seamless transactions across different payment systems, enabling faster and more secure fund transfers
• Digital Currencies: Settlements will be conducted using national currencies or a new digital currency developed specifically for BRICS. The platform will support transactions in local currencies, facilitating easier cross-border trade without needing to convert to US dollars
• Blockchain Technology: The payment system will leverage blockchain to ensure secure and transparent transactions. This technology aims to streamline processes that traditionally involve multiple intermediaries, thus speeding up transaction times significantly
  
  

  Adoption and Impact​

  • Widespread Interest: Reports indicate that 159 countries are interested in adopting this payment system, highlighting its potential to reshape global trade dynamics and enhance economic sovereignty for participating nations
  • Launch Timeline: The BRICS payment system is expected to be officially launched at the upcoming BRICS summit in October 2024. This timing aligns with ongoing discussions about enhancing financial independence from Western systems

Strategic Importance​

The establishment of this payment system is seen as a crucial step for BRICS nations to bolster their economic ties and facilitate smoother trade interactions. By promoting local currency usage and reducing transaction costs, the BRICS payment platform could significantly alter the landscape of international finance, particularly for countries seeking alternatives to Western-dominated financial mechanisms.

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During the recent visit of Russian Prime Minister Mikhail Mishustin to Vietnam on January 14-15, 2025, several key agreements and commitments were made between Russia and Vietnam:

Key Outcomes of the Meeting​

1. Oil and LNG Supply:
   • Russia expressed its readiness to supply oil and liquefied natural gas (LNG) to Vietnam, enhancing energy cooperation between the two nations.
2. Nuclear Power Industry:
   • Russia committed to assisting Vietnam in developing its national nuclear power industry. This follows Vietnam's efforts to revive its nuclear energy initiatives after previously halting plans due to safety and cost concerns. The collaboration will involve Russia's state-owned nuclear energy firm, Rosatom, in constructing nuclear power facilities in Vietnam.
3. BRICS Partnership:
   • Russia indicated its support for Vietnam's participation as a partner country in the BRICS bloc. The joint statement emphasized Russia's willingness to create favorable conditions for Vietnam to join BRICS, which includes major emerging economies.

Additional Context​

• The discussions also highlighted the importance of strengthening the Vietnam-Russia Comprehensive Strategic Partnership, particularly as both countries prepare to celebrate the 75th anniversary of their diplomatic relations.
• Mishustin acknowledged Vietnam's significant achievements in socio-economic development and reaffirmed Russia's commitment to deepening bilateral cooperation across various sectors, including trade, technology, and cultural exchanges.

Conclusion​

The outcomes of this meeting signify a strengthening of ties between Russia and Vietnam, with a focus on energy cooperation, nuclear development, and enhanced participation in international forums like BRICS. These agreements reflect both countries' strategic interests in bolstering their economic and political partnerships amid shifting global dynamics.

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