Translate
17 October 2024
At BRICS summit, Russia to push to end dollar dominance
At BRICS summit, Russia to push to end dollar dominance
Reuters
17/10/2024
Russian President Vladimir Putin speaks at the BRICS Parliamentary Forum in Saint Petersburg, Russia July 11, 2024. - REUTERS/Filepic
MOSCOW: Russia is seeking to convince BRICS countries to build an alternative platform for international payments that would be immune to Western sanctions when it hosts the group's leaders at a summit next week.
President Vladimir Putin is keen to build up BRICS - which has expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates as well as Brazil, Russia, India, China and South Africa - as a powerful counterweight to the West in global politics and trade.
The Oct. 22-24 summit in the city of Kazan is being presented by Moscow as evidence that Western efforts to isolate Russia have failed. It wants other countries to work with it to overhaul the global financial system and end the dominance of the U.S. dollar.
Central to that is the proposal for a new payments system based on a network of commercial banks linked to each other through the BRICS central banks, according to a document prepared by Russia's finance ministry and central bank, distributed to journalists ahead of the summit.
The system would use blockchain technology to store and transfer digital tokens backed by national currencies. This, in turn, would then allow those currencies to be easily and securely exchanged, bypassing the need for dollar transactions.
Russia sees it as a way to resolve increasing problems in settling trade payments, even with friendly countries such as China, where local banks fear they could be hit by secondary sanctions by the United States.
Yaroslav Lissovolik, founder of the BRICS+ Analytics think tank, said the creation of such a system was technically feasible but would take time.
"After the significant expansion of BRICS membership last year, the attainment of consensus is arguably harder," he said.
GRAIN EXCHANGE
The Russian document accuses existing institutions such as the International Monetary Fund of serving the interests of Western countries and says they need "improvements to better serve the evolving global economy". Russian Finance Minister Anton Siluanov called on BRICS members last week to create an alternative to the IMF.
Among other initiatives to facilitate trade and investment, Russia is also proposing to create a "BRICS Clear" platform to settle trade in securities.
The document calls for better communication between credit rating agencies in member countries and for a common ratings methodology, but stops short of proposing a joint BRICS rating agency, an idea that the group had discussed earlier.
Russia, the world's top wheat exporter, is also urging the creation of a BRICS grain trading exchange, backed by a pricing agency, to create an alternative to Western bourses where international prices for agricultural commodities are set.
But in a sign that Moscow will need to work hard to push its proposals through, most BRICS members sent only lower-level officials - not finance ministers or central bankers - to a preparatory meeting last week.
For the summit itself, Russia says it expects to welcome leaders from all nine BRICS members and about 15 other countries keen to work as partners with the group, as well as the foreign minister of Saudi Arabia, which has been invited to join.
"BRICS is a structure that cannot be ignored," Kremlin aide Yuri Ushakov told reporters last week.
Popular Posts - Last 7 days
-
Tourism Malaysia lancar jualan tengah malam untuk warga Singapura sempena Deepavali di JB Bernama 12/10/2024 Edisi pertama Jualan Tengah Mal...
-
Bursa Malaysia dibuka meningkat, jejak prestasi semalaman pasaran AS Bernama 15/10/2024 Pada 9.06 am, indeks petunjuk utama FTSE Bursa Malay...
-
Rosmah’s tax-related charges bad in law - Lawyer Bernama 11/10/2024 Datin Seri Rosmah Mansor's lawyer says there are no proceeds of an ...
-
Amaran ribut petir di lapan negeri, KL dan Putrajaya hari ini Bernama 15/10/2024 Berdasarkan amaran yang dimuat naik di media sosial jabatan...
-
Tanah runtuh Taman Melawati: Lebih 300 penduduk dipindah ke dewan serba guna - Polis Astro Awani 15/10/2024 Kejadian kira-kira pukul 10.30 p...
-
Melaka poised to become EV manufacturing hub Bernama 15/10/2024 Chief Minister Datuk Seri Ab Rauf Yusoh said the use of EVs is crucial in s...
-
Bekas ejen perumahan didakwa pecah amanah duit penyewa rumah RM2,117 Bernama 17/10/2024 Hakim Azrul Darus membenarkan tertuduh diikat jamin...
-
Sidang Dewan Rakyat tangguh 30 minit, Ahli Parlimen 'sangkut' dalam banjir Astro Awani 15/10/2024 Johari Abdul berkata, penangguhan...
-
A new documentary on Indonesian pop queen Datuk Seri Rossa Roslaina Handiyani or Rossa, explores her journey in music, career, and lov...
-
SC rekod 3,380 aduan penipuan, aktiviti tidak berlesan setakat suku ketiga 2024 Bernama 12/10/2024 Pada 2023, Suruhanjaya Sekuriti Malaysia ...
Popular Posts - Last 30 days
-
Tourism Malaysia lancar jualan tengah malam untuk warga Singapura sempena Deepavali di JB Bernama 12/10/2024 Edisi pertama Jualan Tengah Mal...
-
BBQ Buffet Buy 2 Free 1 Experience a sumptuous BBQ Steamboat Buffet Dinner with Royale Chulan's exclusive "Buy 2 Free 1&qu...
-
Wan Saiful trial: Prosecution witness says RM38,160 deposited into Sinar Karangkraf account Bernama 18/09/2024 Former Bersatu Information c...
-
Malaysia raih jualan lebih RM400 juta di Ekspo China-ASEAN 2024 Bernama 03/10/2024 Abu Bakar berkata Matrade kekal fokus dalam menyokong pe...
-
Indecent dress run: Three men were arrested to help with the investigation Screen capture of participants dressed indecently in the 2024 Pa...
-
Bekas CEO 1MDB bukan saksi yang boleh dipercayai - Peguam Najib Bernama 30/09/2024 Wan Azwan Aiman, yang mewakili Najib, berkata saksi pend...
-
Paip pecah, sebahagian KL tiada air - Air Selangor Astro Awani 08/10/2024 Pengguna boleh mendapatkan maklumat berhubung gangguan bekalan air...
-
Bursa Malaysia dibuka meningkat, jejak prestasi semalaman pasaran AS Bernama 15/10/2024 Pada 9.06 am, indeks petunjuk utama FTSE Bursa Malay...
Blog Archive
-
▼
2024
(3429)
-
▼
Oct 2024
(364)
- PAC akan panggil Johari Abdul Ghani dan LHDN - Mas...
- Kewarganegaraan: RUU Perlembagaan (Pindaan) 2024 l...
- Bursa Malaysia ditutup tinggi susulan aktiviti mem...
- A total of 3,847 children reported missing from 20...
- Dewan Rakyat passes Constitution Amendment Bill on...
- At BRICS summit, Russia to push to end dollar domi...
- Op Global: Parents need to show proof of blood tie...
- Bangladesh crimes tribunal issues arrest warrant f...
- Polis lepas tiga tembakan, seorang lelaki ditahan
- Bekas ejen perumahan didakwa pecah amanah duit pen...
- Kedai makan, medan selera 'hotspot' terbaharu akti...
- SPRM siasat 20 projek MBI Selangor, bekas COO dire...
- Polis rampas syabu bernilai RM10 juta diseludup da...
- Aliff dan Ruhainies hadir di mahkamah diiringi tig...
- GISB case: 625 Children Saved and 415 arrested. Ch...
- KUALA LUMPUR BANJIR LAGI‼️ PETALING STREET, KAMPUN...
- Liam Payne, member of One Direction, dies at 31
- PM Anwar tinjau persiapan Belanjawan 2025
- JIM tidak kompromi pegawai lakukan kekerasan terha...
- PDRM FC lancar portal rasmi, lantik Amir Masdi seb...
- Kewarganegaraan: Ahli Parlimen sokong syarat penge...
- German Tuchel is officially the new Manager of Eng...
- Indonesian Pop Queen Rossa's Documentary to be rel...
- Lelaki dibaham harimau: Isteri dengar bunyi teriak...
- Indonesia's Prabowo courts largest party for coali...
- Pemegang saham AirAsia X lulus pengambilalihan kep...
- Israel jadi penghalang perjanjian gencatan senjata...
- Former Malaysian PM Mahathir, 99, hospitalised wit...
- Saman SRC: Najib pertahan tindakan luluskan pinjam...
- Macam mana GISBH boleh jumpa PM, sepatutnya banyak...
- Malaysia Aviation Group updates aircraft delivery ...
- Malaysia’s Suraya Tasya Suleiman crowned Miss M Un...
- SOSMA diguna dalam kes GISB kerana libatkan jenaya...
- Sebanyak RM27.17 bilion dana berkaitan syarikat 1M...
- Mahkamah Rayuan benar ahli perniagaan semak hukuma...
- Koperasi sediakan khidmat kewangan berpatutan, iku...
- DBKL pantau banjir kilat menerusi bilik gerakan 24...
- KPDN bekerjasama dengan agensi berkaitan pantau ha...
- Kanak-kanak lelaki maut dibaham buaya di Lahad Datu
- Khazanah Nasional majukan ekosistem modal teroka n...
- Lebih 470,000 individu carum SKSSR setakat Septemb...
- Sultan Nazrin berangkat hadiri majlis santapan ten...
- Dungun UiTM crash: Woman driver does not have driv...
- Clogged drains cause landslide in Taman Melawati -...
- GP Malaysia: SIC sahkan pelumba negara beraksi tik...
- Singapura kerah jet pejuang susulan ancaman bom da...
- Shazalli Ramly dilantik Penasihat Media dan Komuni...
- 21 murid Tabika Kemas terperangkap banjir kilat di...
- Najib tarik rayuan injunksi Mareva AS$681 juta ter...
- Syarikat China rugi RM2.6 juta terperdaya urus nia...
- Sahkan Sudah Bercerai! Begini Perkongsian Dato Faz...
- Tanah runtuh Taman Melawati: Lebih 300 penduduk di...
- Melaka poised to become EV manufacturing hub
- Pemandu SUV Rempuh Tiga Pelajar Didakwa
- Several areas in KL inundated due to continuous do...
- How Indonesia's outgoing Jokowi steered son Gibran...
- Bloomberg's allegation: PDRM has recorded statemen...
- Bursa Malaysia dibuka meningkat, jejak prestasi se...
- Amaran ribut petir di lapan negeri, KL dan Putraja...
- Selepas Hujan lebat pagi ini Kuala Lumpur dilanda ...
- GISBH case: 96 parents demand return of 174 children
- No food, drinks during election campaigns outdated...
- More arrests, cash seized by MACC in ongoing probe...
- ‘One of the reasons’ - Dr M admits to tit-for-tat ...
- Polis siasat penipuan saham 'Online Dimensional In...
- Enam keldai akaun ditahan sebabkan kerugian lebih ...
- Serangan seksual remaja lelaki 16 tahun antara ena...
- Parliament: Govt backbenchers allowed more questio...
- Skandal pasir: Dua lagi 'safe house' digeledah, le...
- Penerbangan ke New York dilencongkan ke Delhi akib...
- Usahawan wanita: Data tepat mudahkan bantuan dan s...
- Malaysia antara negara catat peningkatan terbesar ...
- GISB: Police investigate possibility of GISB chari...
- Audit report: Federal govt channels grants worth R...
- JSPT Melaka lancar 'Jammed Squad' untuk tangani ke...
- Blue notice issued against American couple over mu...
- DAT will accelerate Malaysia's high-income nation ...
- Federal govt records RM112.53 mln loss on disposal...
- Mengaku beri suapan, pemilik restoran nasi kandar ...
- Isu cuti ditukar: MP PKR nafi sedia keluar Johor t...
- Ringgit meningkat berbanding dolar AS berikutan pr...
- Polis tahan guru penolong kanan, disyaki cabul pe...
- Lelaki ada kaitan dengan GISB didakwa lakukan aman...
- YDP Agong tiba di Brunei untuk lawatan negara tiga...
- Azam Baki sahkan SPRM geledah 'safe house' ahli po...
- TPM Ahmad Zahid ucap tahniah kepada Sze Fei-Nur Iz...
- Pembentangan Belanjawan 2025 jadi tumpuan di Dewan...
- GISB: Children’s separation necessary for thorough...
- SPRM geledah 'safe house' ahli politik, temui mata...
- Ahli politik veteran India ditembak mati di Mumbai
- Sekolah agama swasta terlibat penderaan, gangguan ...
- Kes pelajar tahfiz: Polis tahan tiga beradik bantu...
- Agong tiba di Brunei untuk lawatan negara tiga hari
- GISB: PDRM siasat dakwaan unsur jihad militan dite...
- Malaysia amal dasar baik dengan semua negara, bena...
- GST hanya akan dilaksanakan sekiranya ambang gaji ...
- Baru belajar berenang, Syed Saddiq layak ke Ironma...
- Jepun di tangga keempat dalam kedudukan kuasa Asia...
- Tiga ahli GISB didakwa eksploitasi manusia, amang ...
- Seven remanded over assault near Senai airport
-
▼
Oct 2024
(364)