BRICS Gold Pact Expands to 33 Nations as Russia Pushes for Independent Precious Metals Exchange
Russia is spearheading a BRICS-led initiative to establish a gold-based trading system that bypasses Western financial infrastructure. The alliance now includes 33 countries, with 11 full members and 22 applicants building alternative settlement mechanisms backed by physical Gold reserves.
The proposed exchange WOULD enable trade in gold, platinum, and rare earth minerals using Shanghai Gold Exchange International's infrastructure. Russia previously demonstrated the model in 2017 by accepting yuan-for-oil payments convertible to gold via blockchain verification.
BRICS members collectively hold approximately 6,000 tonnes of gold—20% of global central bank reserves—with Russia controlling the largest share. This physical asset base underpins their accelerating de-dollarization strategy.
