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Russian Finance Minister Anton Siluanov has emphasized the rising influence of BRICS nations during a recent event, noting their projected economic growth of 4.4% in 2024-2025, compared to 1.7% for G7 countries. Siluanov highlighted BRICS’ growing share of global GDP, now at 36.7%, and the addition of new members like Saudi Arabia, Iran, and the … Read more
Russian presidential aide Yury Ushakov announced new BRICS initiatives to increase the use of national currencies in trade, backed by financial infrastructure developments like a BRICS-wide platform and special clearing systems. This move aims to simplify transactions between member nations and reduce trade costs. Meanwhile, Russian Deputy Foreign Minister Sergey Ryabkov highlighted ongoing Western efforts … Read more
Serbia’s Deputy Prime Minister Aleksandar Vulin has championed BRICS as a compelling alternative to the European Union, emphasizing the economic bloc’s appeal for Serbia. He highlighted how BRICS does not impose political conditions like the EU, stressing cooperation based on respect and neutrality. Vulin’s comments signal a possible shift in Serbia’s global alliances, particularly as … Read more
China has reaffirmed its commitment to closer relations with Russia through major international platforms like BRICS and the Shanghai Cooperation Organization (SCO). At an event celebrating 75 years of diplomatic relations, State Councilor Shen Yiqin emphasized China’s readiness to bolster international cooperation and multilateral partnerships, especially within the Global South. China Reaffirms Strategic Commitment to … Read more
Russia’s Deputy Foreign Minister has stated that discussions on a single currency for the BRICS economic bloc are premature due to differences in financial regulation among member nations. Instead, the focus remains on enhancing financial sovereignty and exploring national currencies for trade. Ryabkov highlighted ongoing efforts to strengthen the bloc’s economic independence, with authorities actively … Read more
Deputy Chairman of the State Duma Alexander Babakov proposed creating a unified BRICS exchange using blockchain and virtual currency for inter-bloc settlements. Babakov stated that such an organization “will be the key to the economic sovereignty and independence of our countries,” while sidestepping the use of third-party payment networks. Newly Proposed BRICS Unified Exchange May … Read more
Russian President Vladimir Putin marked the 75th anniversary of the People’s Republic of China by praising the solid partnership between Russia and China. He emphasized the resilience of their economic relationship and increasing trade despite international challenges. Putin also highlighted the significance of their cooperation in multilateral organizations, showing the strategic alignment between the two … Read more
Russian President Vladimir Putin has revealed plans for an independent payment system in collaboration with BRICS nations to secure foreign trade transactions. This move reflects a strategic shift aimed at increasing Russia’s and BRICS’s autonomy in global trade amid broader economic changes. Russia Announces Independent Payment System with BRICS for Foreign Trade During the Russian … Read more
BRICS nations are considering adopting the petroyuan for oil trade as part of their ongoing dedollarization efforts, according to economic expert Herbert Poenisch. He noted the BRICS group may discuss alternatives to the petrodollar at their Kazan summit. He highlighted Saudi Arabia’s potential shift towards the petroyuan and Russia’s plans to reduce dollar reliance. However, … Read more
North Korea may be ramping up efforts to align itself with the BRICS economic bloc, as its top diplomat skipped the United Nations General Assembly in favor of a BRICS-related event. Analysts suggest that while Kim Jong-un seeks to break diplomatic isolation through such alliances, North Korea’s sanctions and economic constraints make membership unlikely. Recent … Read more
