BRICS proposes new currency settlement system: the United States is working to prevent de-dollarization of the global economy

On October 11, representatives of the financial authorities of the BRICS member countries met in Moscow. The meeting resulted in preparing a report on improving the international monetary and financial system, which proposed the creation of the BRICS Cross-Border Payment Initiative, its inter-depository interaction system, and a reinsurance company.

However, despite previous agreements to meet at the level of finance ministers and central bank governors of member countries, these officials represented only four delegations (Russia, Iran, Egypt, and the UAE). India, China, South Africa, and other association members sent delegations to the conference that did not include the heads of their financial departments, and Saudi Arabia did not attend the meeting.

Russia advocates improving the monetary and financial system more than any other BRICS member state. This includes work on creating a model of alternative currency payments.