Putin Flashes Symbolic BRICS Note, Signals De-Dollarisation Push.

Russian President Vladimir Putin flashed a symbolic BRICS banknote on Tuesday at the 2024 BRICS summit in Kazan, Russia. This gesture signifies Russia’s push for de-dollarisation and its desire to create a settlement and payment infrastructure independent of the US-dominated Swift payment system. A major announcement from the summit was the introduction of ‘BRICS Pay’ which is a new payment system designed to facilitate international settlements.

The Russian Ambassador to South Africa showed a symbolic banknote of 100 BRICS and presented it to the UAE Ambassador in Pretoria, IRNA reported.

The agency notes that the symbolic banknote was demonstrated on Tuesday evening during a ceremony at the UAE Embassy in South… pic.twitter.com/YkuWYbpole

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The BRICS banknote is not an official currency but rather a symbol of the group’s efforts to reduce dependence on the US dollar and promote economic cooperation among member nations. The symbolic BRICS note prominently displayed the flags of the five founding BRICS countries while the other side displayed the flags of newer member countries, including Iran. According to Putin, this move is part of Russia’s broader strategy to establish a multipolar world order and challenge the dominance of Western institutions.

Russia is proposing a major change in the global financial system. As the current chair of the BRICS grouping, Russia wants BRICS countries to have their international payment system. According to Russian Finance Minister Anton Siluanov, the current global financial system is controlled by Western countries. This puts BRICS nations at a disadvantage as the BRICS countries which make up 37% of the world’s economy need an alternative system and the proposed payment system would reduce dependence on Western institutions like the International Monetary Fund (IMF) that this move aims to give BRICS countries more financial freedom and power, he added.

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The BRICS summit has drawn monumental attention with 36 leaders from around the world attending including Indian Prime Minister Narendra Modi, ⁠UN Secretary-General António Guterres and South African President Cyril Ramaphosa. The 2024 BRICS summit is taking place in Kazan, Russia, from October 22 to 24. This year’s summit is special because Egypt, Ethiopia, Iran, and the United Arab Emirates joined as new members, alongside Brazil, Russia, India, China, and South Africa. The theme of the summit is “Strengthening Multilateralism for Fair Global Development and Security.”

The major discussions were focused on the de-dollarisation as Russia’s push to reduce dependence on the US dollar and create an alternative payment system. The group has grown from five to nine members with Turkey attending for the first time as a NATO member state. Also, the summit aims to promote economic cooperation among BRICS nations and assert the group’s influence on the world stage. The summit’s final communique today will address the conflict with a joint Brazil-China peace plan and condemnation of Israel’s actions in Gaza. Additionally, BRICS nations are advocating for Palestine’s full participation in the United Nations conditional on a two-state solution.

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