Putin Unveils BRICS Payment System Plan

Russian President Vladimir Putin has unveiled a major initiative to develop a new payment system within the BRICS bloc, aimed at reducing dependence on the US dollar and promoting intra-bloc trade.

The proposal, announced during the BRICS Summit in New Delhi, seeks to create a payment, settlement, and depository infrastructure that will strengthen economic ties among member countries and reduce their exposure to external financial pressure.

Putin emphasized the need for greater use of independent trade and banking channels as BRICS expands its economic influence. He argued that this new system would enable member countries to settle transactions in their local currencies, reducing the need for US dollars.