BRICS Proposes New Payment System for Non-Members
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Russian Foreign Minister Sergey Lavrov announced that Brazil, which chairs the next BRICS summit in July, has proposed creating a new payment system allowing non-BRICS members to settle trade and cross-border transactions without using the US dollar. If implemented, this could lead to a decline in the global demand for the US dollar, potentially impacting its dominant position in the global supply and demand mechanism. Lavrov confirmed that the upcoming initiative by BRICS is to facilitate trade settlements for non-members in this new payment system, which will be independent.
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