Putin promotes new financial system at BRICS summit to challenge dollar dominance

livemint.com — October 21, 2024, 06:01 AM UTC

Summary: Vladimir Putin will attend the BRICS summit on October 22, 2024, alongside leaders from 24 countries, including India and China. This marks his first in-person participation since last year's expansion of the group, which aims to challenge Western financial dominance.

At the summit, Putin plans to promote a new financial system called "BRICS-Bridge" to facilitate cross-border transactions without reliance on the U.S. dollar. This initiative seeks to protect member countries from Western sanctions and enhance economic cooperation among emerging economies.

The BRICS group is exploring various financial projects, including a credit-rating agency and a payments system to replace Western services like Visa and MasterCard. The summit will address the need for a more efficient global payment system amid growing dissatisfaction with the current dollar-centric model.

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[5.7]
Putin hosts BRICS summit in Kazan to strengthen ties with global leaders (economictimes.indiatimes.com)
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[5.1]
Putin hosts summit in Kazan with leaders from China, India, Turkey, and Iran (inquirer.net)
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Putin hosts BRICS summit in Russia as leaders discuss global influence and currency reliance (timesofindia.indiatimes.com)
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Modi arrives in Kazan for Brics Summit and talks with Putin (hindustantimes.com)
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Modi arrives in Russia for Brics Summit and meeting with Putin (indiatoday.in)
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Putin to meet global leaders including Modi at BRICS Summit in Kazan (economictimes.indiatimes.com)
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Putin to meet Modi and other leaders at BRICS Summit in Kazan (economictimes.indiatimes.com)
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