Russia is actively working to reduce its dependence on the US dollar in international calculations, trying to adapt to new conditions after the imposition of sanctions. According to Bloomberg, Moscow offers new changes to cross -border payments between Brix countries (Brazil, Russia, India, China and South Africa) aimed at bypassing the traditional global financial system.
Strategy forpassing sanctions
Within this strategy, Russia views several alternatives, including:
- Development of a network of commercial banks that can carry out transactions in local currencies.
- Establishing direct links between the central banks of Brix member countries.
- Creation of centers for mutual trade in strategic goods such as oil, natural gas, grain and gold.
According to representatives, the "multivarium system" will "shield their participants from any external pressure, such as extraterritorial sanctions." They also point out that US interests do not always agree with the needs of other countries in the global financial network.
Using DLT technologies
Among the new proposals in Russia is the introduction of the technology of the distributed register (DLT) or the creation of a multinational platform for calculations using tokens. The key advantage of the DLT model is to eliminate credit risk characteristic of the traditional banking system. It can also reduce processing and costs as there will be no correspondent organizations and compliance checks.
The report authors estimate that the use of new transaction technologies can save Brix countries up to $ 15 billion a year , if half of all cross -border transfers are made using DLT.
The situation is on the background of international relations
This initiative takes place in the context of Russia's preparation for the annual Brix summit, which will take place in Kazan from October 22 to 24. The group has recently expanded, including Iran, the United Arab Emirates, Ethiopia and Egypt. Nevertheless, some BRIX participants who do not face the same difficulty in sanctions continue to give access to the dollar financial system.
Conclusion
Russia's efforts to create an alternative payment system under Brix reflects a broader tendency to reduce global dependence on the US dollar, which can have significant consequences for international financial relations in the future.
