Russia Advocates Alternate Payment System in BRICS Meet

On June 23, Mr. Xi will host the BRICS leaders’ summit, which will be followed by a high-level dialogue on global development on Friday. The summit and dialogue are expected to include leaders from several emerging nations besides the five BRICS countries, with both China and Russia pushing efforts to expand the grouping’s membership and influence as a counter to the West.

Addressing the forum, Russian President Vladimir Putin said the BRICS grouping is considering the introduction of an international reserve currency based on the currencies of the BRICS states. He also said that Moscow will implement the national MIR payment system in more countries to build a sustainable mechanism that will remain unaffected by western sanctions.