Russia to push new payment system at Brics summit

Quick Summary:

MOSCOW - Russia is seeking to convince Brics countries to build an alternative platform for international payments that would be immune to Western sanctions when it hosts the group’s leaders at a summit next week.

Russia sees it as a way to resolve increasing problems in settling trade payments, even with friendly countries such as China, where local banks fear they could be hit by secondary sanctions by the United States.

The Russian document accuses existing institutions such as the International Monetary Fund of serving the interests of Western countries and says they need “improvements to better serve the evolving global economy”.

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Category: EconomyBusiness

Markets: ThailandBrazilChinaEgyptEthiopiaIndiaKuwaitSaudi ArabiaSouth AfricaUnited Arab EmiratesUnited StatesVietnam

Topics: Central Countries Other Trade Western Week Brics System Summit Russia

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-17 @ 14:40:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 615 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 31 words per sentence (average)

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Copyright Owner: © Bangkok Post

News ID: 23099799

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