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BRICS Launches Initiative for International Payments System
BRICS Launches Initiative for International Payments System
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Amid increased geopolitical uncertainty, the BRICS alliance has launched an initiative for an international payment system that could rival the Western-dominated SWIFT. Russian foreign minister Sergey Lavrov announced the efforts in a recent statement, highlighting the need for an alternative payment system. This comes as a global trade war looms closer, with China, one of the original BRICS countries, engaged in a tariff battle with the United States, which may widen the divide between the West and the Global South.
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