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Putin proposes new payment system for BRICS to reduce U.S. dollar reliance

thehindu.com — October 19, 2024, 05:01 PM UTC

Summary: Russian President Vladimir Putin has proposed that the BRICS group explore a new payment system similar to SWIFT to reduce reliance on the U.S. dollar. He emphasized using national digital currencies for investment projects and mentioned ongoing discussions with member countries.

Ahead of the upcoming BRICS summit in Kazan, Putin stated that a common BRICS currency is not currently feasible. He highlighted the need for careful planning and the establishment of secure financial tools among member states to facilitate transactions.

The BRICS bloc, now expanded to include five new members, aims to strengthen economic ties and reduce dependence on the U.S. dollar. While some members pursue de-dollarization, India has clarified its intention to continue using the dollar in international trade.

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Article metrics
Significance5.3
Scale & Impact5.7
Positivity5.2
Credibility8.5
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Timeline:

  1. [4.6]
    Modi highlights importance of cooperation within BRICS at Kazan summit (ndtv.com)
    3h
    Source
  2. [4.4]
    Modi travels to Russia for BRICS summit to boost ties and discuss expansion (firstpost.com)
    3h
    Source
  3. [3.8]
    India and China agree on military patrols to ease border tensions (tribune.com.pk)
    3h
    Source
  4. [4.6]
    Modi arrives in Russia for Brics Summit and meeting with Putin (indiatoday.in)
    4h
    Source
  5. [4.0]
    India and China agree to end four-year border standoff (cnbc.com)
    4h
    Source
  6. [6.0]
    Putin to meet global leaders including Modi at BRICS Summit in Kazan (economictimes.indiatimes.com)
    5h

    ScoresSource
  7. [5.9]
    Putin to meet Modi and other leaders at BRICS Summit in Kazan (economictimes.indiatimes.com)
    5h

    ScoresSource
  8. [4.2]
    Modi visits Russia for BRICS Summit 2024 and bilateral talks with leaders (outlookindia.com)
    5h
    Source
  9. [5.8]
    Putin hosts Brics summit to showcase global support against Western sanctions (bbc.com)
    7h

    ScoresSource
  10. [4.9]
    Modi heads to Russia for BRICS Summit to address global challenges (hindustantimes.com)
    12h
    Source
  11. [2.8]
    India and China reach agreement on LAC patrolling after four-year standoff (news18.com)
    12h
    Source
  12. [4.2]
    India and China agree to resume patrolling along Line of Actual Control in Ladakh (thehindu.com)
    14h
    Source
  13. [4.2]
    India and China complete disengagement agreement at border, says Jaishankar (economictimes.indiatimes.com)
    15h
    Source
  14. [4.2]
    India and China complete disengagement process, says Jaishankar (hindustantimes.com)
    16h
    Source
  15. [4.7]
    India and China reach agreement on border patrols to ease tensions (ft.com)
    17h
    Source
  16. [4.0]
    India and China agree on new patrolling arrangement along Himalayan border (timesnownews.com)
    17h
    Source
  17. [3.4]
    India and China reach agreement on military patrols along contested border (thenews.com.pk)
    17h
    Source
  18. [3.3]
    India and China announce new border patrolling agreement ahead of BRICS Summit (firstpost.com)
    18h
    Source
  19. [4.6]
    Leaders gather for Putin-hosted Brics summit in Russia as Brazil's Lula attends via video link (independent.co.uk)
    19h
    Source
  20. [4.5]
    India to resume 2020-style patrolling along LAC with China, says Jaishankar (economictimes.indiatimes.com)
    19h
    Source
  21. [4.4]
    India and China reach new patrolling agreement to ease border tensions (dawn.com)
    19h
    Source
  22. [4.3]
    India and China reach agreement to ease border tensions (news.yahoo.com)
    19h
    Source
  23. [4.2]
    India and China agree on new patrolling arrangements to resolve military standoff (thehindu.com)
    19h
    Source
  24. [4.1]
    India and China agree on new patrolling measures at Ladakh border four years after Galwan clash (economictimes.indiatimes.com)
    19h
    Source
  25. [3.8]
    India and China agree on military patrols along disputed Himalayan border (abcnews.go.com)
    19h
    Source
  26. [3.6]
    India and China reach agreement on border patrols ahead of Modi-Xi meeting at Brics summit (firstpost.com)
    19h
    Source
  27. [4.1]
    India and China finalize military patrolling agreement along LAC (livemint.com)
    20h
    Source
  28. [3.8]
    India and China agree on military patrols to ease border tensions (news.yahoo.com)
    20h
    Source
  29. [3.6]
    India and China agree on military patrols along disputed Himalayan border (thestar.com)
    20h
    Source
  30. [4.2]
    India and China agree on new border patrolling arrangement to ease tensions (economictimes.indiatimes.com)
    21h
    Source
  31. [4.1]
    India and China agree on border patrols ahead of Modi's BRICS summit in Russia (news18.com)
    21h
    Source
  32. [3.5]
    India and China reach agreement to end border crisis and disengage troops (zeenews.india.com)
    21h
    Source
  33. [5.3]
    Putin hosts summit with India, China, and others to strengthen global ties (npr.org)
    24h

    ScoresSource
  34. [3.7]
    Brazil's president cancels Russia trip for BRICS summit after head injury (timesnownews.com)
    24h
    Source
  35. [5.4]
    Putin promotes new financial system at BRICS summit to challenge dollar dominance (livemint.com)
    1d 1h

    ScoresSource
  36. [5.9]
    World leaders gather in Kazan for Brics summit to discuss global finance and Middle East conflict (dawn.com)
    1d 2h

    ScoresSource
  37. [5.2]
    Putin hosts summit in Kazan to strengthen ties with global leaders (abcnews.go.com)
    1d 2h

    ScoresSource
  38. [4.0]
    Lula cancels Russia trip after fall causes minor brain hemorrhage (scmp.com)
    1d 3h
    Source
  39. [3.9]
    Lula to skip Russia summit after sustaining head injury at home (ndtv.com)
    1d 4h
    Source
  40. [3.6]
    Lula cancels BRICS trip after minor brain hemorrhage from fall (news18.com)
    1d 4h
    Source
  41. [4.4]
    Lula cancels Russia trip after fall causes minor brain hemorrhage (theguardian.com)
    1d 6h
    Source
  42. [3.6]
    Brazil's president cancels Russia trip after head injury at home (bbc.com)
    1d 8h
    Source
  43. [4.1]
    Lula cancels Russia trip for BRICS summit after bathroom accident (apnews.com)
    1d 10h
    Source
  44. [3.9]
    Lula cancels Russia trip for BRICS summit after head injury (latimes.com)
    1d 11h
    Source
  45. [6.1]
    Putin aims to boost BRICS influence at upcoming summit to challenge dollar dominance (economist.com)
    1d 12h

    ScoresSource
  46. [4.0]
    Lula cancels Russia trip for BRICS summit due to medical advice, will join online (firstpost.com)
    1d 12h
    Source
  47. [3.6]
    Lula cancels Russia trip for BRICS summit due to neck injury (thestar.com)
    1d 13h
    Source
  48. [3.5]
    Lula cancels Russia trip for BRICS summit due to neck injury (abcnews.go.com)
    1d 13h
    Source
  49. [3.4]
    Lula cancels BRICS summit trip due to medical advice after head injury (gazette.com)
    1d 13h
    Source
  50. [5.2]
    World leaders to gather in Russia for major BRICS summit next week (arynews.tv)
    1d 21h

    ScoresSource
  51. [4.8]
    Russia hosts Brics summit to strengthen ties and seek alternatives to US dollar (scmp.com)
    2d 11h
    Source