Phasing out the dollar: BRICS countries setting up own payment network to cut dependence on Western financial system ...News

In past five years, Russia has almost halved its foreign trade payments in US currency, from 92 to 50 percent, said the CEO of Russian Direct Investment Fund (RDIF) and member of the BRICS Business Council Kirill Dmitriev. Talking to RT on the sidelines of the BRICS Summit in Brazil, Dmitriev said that payments in ruble increased from 3 to 14 percent over the period. The five major emerging economies – Brazil, Russia, India, China, and South Africa – are currently developing a joint new payment system. Also on rt.com Putin calls on BRICS nations to increase use of national c

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