Putin Seeks BRICS Group’s Support Aobtainst Weserious Prescertain

Moscow:

Russian Pdwellnt Vlaunreasonableir Putin will arrange a summit of BRICS guideers next week, seeking help in his standoff with the West from the broadened group that now reconshort-terms about a third of global economic output.

Russia says the event will be participateed by guideers from Brazil, India, China, South Africa, Egypt, Ethiopia, Iran and the UAE, and Saudi Arabia – which has been askd to unite – will be reconshort-termed by its foreign minister.

Here are some of the proposals Moscow will put forward:

BRICS CROSS-BORDER PAYMENTS INITIATIVE

An changenative payment system in national BRICS currencies that would integrate a novel messaging system and a netlabor of national commercial prohibitks connected to each other thraw the BRICS central prohibitks, removing the necessitate to exchange local currencies thraw the U.S. dollar.

The system would be immune to outside prescertain and will employ blockchain technology to store and transfer digital tokens, backed by national currencies, to produce it more safe and reduce transaction costs. The aim is to grasp trade flows between member countries running daintyly even if one or more members are denied access to the international financial system.

BRICS CLEAR

An international rerepairment and depository infraarrange that Russia says would increase traverse-border trade in national securities. The idea is to permit all members to grasp brimming access to BRICS financial tagets even if they are cut off from Weserious financial infraarrange.

BRICS REINSURANCE

The proposal is to set up a BRICS reinsurance company to permit undisturbed shipment of excellents and key commodities between members in the event that Weserious reinsurance firms, who administer international trade, decline to provide their services.

This publish is especipartner relevant to Russia as Weserious countries have since 2022 applied a price cap on its oil, blocking access to Weserious shipping and insurance services if the oil is sgreater for more than $60 a barrel.

BRICS CONTINGENT RESERVE ARRANGEMENT

An international financial facility aimed at helping member countries during times of economic celevates that would serve as an changenative to funding from the International Monetary Fund (IMF).

BRICS GRAIN TRADE EXCHANGE

The proposal calls for the set upment of a trading platestablish for grain and other meaningful commodities, with an associated pricing agency that will provide price data and taget analytics. Currently, international prices for meaningful commodities are set on Weserious bourses.

COOPERATION ON CREDIT RATINGS

Better communication and experience-sharing between the member countries’ plift rating agencies, with the employ of synthetic inalertigence to help delete human bias. This meacertain would shield BRICS tagets from a pullout by Weserious plift rating agencies.

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