Following a summit held on October 23-23 2024 in the Russian city of Kazan, BRICS members issued a joint declaration advocating for the establishment of an independent payment system based on their national currencies.
Host President, Vladimir Putin, kicked off the expanded BRICS summit by calling for the creation of an alternative international payment system aimed at curbing the U.S.’s ability to use the dollar as a political tool.
“The dollar is being used as a weapon. We really see that this is so. I think that this is a big mistake by those who do this,” said Putin at the summit in the Russian city of Kazan.
Putin said that nearly 95% of trade between Russia and China is now conducted in Rubles and Yuan.
Chinese President, Xi Jinping, also said BRICS must promote a new financial system, including the expansion of the New Development Bank based in Shanghai.
“There is an urgent need to reform the international financial architecture, and BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power.”
Russia is developing a settlement and payment infrastructure designed to bypass the Belgium-based SWIFT payment system.
According to analysts, the de-dollarization initiative is probably the most concrete proposal likely to emerge from the summit.
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BRICS member countries, representing around 35% of the global economy, issued the Kazan Declaration, which calls for the ‘elimination’ of ‘unilateral economic sanctions and secondary sanctions that violate international law.’
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BRICS membership consists of the original five countries:
- Brazil
- Russia
- India
- China, and
- South Africa
and has expanded this year with the addition of Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
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Several countries have applied to join the BRICS:
- 🇩🇿 Algeria
- 🇦🇿 Azerbaijan
- 🇧🇭 Bahrain
- 🇧🇩 Bangladesh
- 🇧🇾 Belarus
- 🇧🇴 Bolivia
- 🇨🇺 Cuba
- 🇰🇿 Kazakhstan
- 🇰🇼 Kuwait
- 🇲🇾 Malaysia
- 🇵🇰 Pakistan
- 🇵🇸 Palestine
- 🇸🇳 Senegal
- 🇹🇭 Thailand
- 🇹🇷 Turkey
- 🇻🇪 Venezuela
- 🇾🇪 Yemen
- 🇿🇼 Zimbabwe
Expressed interest in joining BRICS:
- 🇦🇴 Angola
- 🇨🇲 Cameroon
- 🇨🇫 Central African Republic
- 🇨🇩 DR of the Congo
- 🇨🇬 Congo
- 🇬🇭 Ghana
- 🇳🇬 Nigeria
- 🇸🇸 South Sudan
- 🇸🇩 Sudan
- 🇹🇳 Tunisia
- 🇺🇬 Uganda
- 🇨🇴 Colombia
- 🇸🇻 El Salvador
- 🇳🇮 Nicaragua
- 🇵🇪 Peru
- 🇦🇫 Afghanistan
- 🇮🇩 Indonesia
- 🇮🇶 Iraq
- 🇱🇦 Laos
- 🇲🇲 Myanmar
- 🇱🇰 Sri Lanka
- 🇸🇾 Syria
- 🇻🇳 Vietnam
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