TASS quoted Russian Foreign Minister Sergei Lavrov as confirming on September 16 that the new BRICS payment system will not only be used to settle cross-border transactions but will also function as a full-fledged financial mechanism.
Once implemented, the system could attract emerging economies to move away from the US dollar. The new BRICS payment system could lead to a paradigm shift in global finance.
The Russian Foreign Minister revealed that the new BRICS payment system will allow transactions, investments and other economic activities to be carried out without relying on the US dollar and the euro. This move will make the BRICS' efforts to de-dollarize the economy much stronger.
Mr Lavrov also criticised Europe and some other countries for imposing sanctions on countries they do not like, stressing that sanctions were the reason for the BRICS decision to launch the new payment system.
Even US Treasury Secretary Janet Yellen once admitted that the White House's sanctions on developing countries have contributed to the trend of de-dollarization.
Developing countries will flock to the BRICS payment system for fear of US sanctions, Minister Lavrov said.
"Everyone understands that anyone can face US sanctions or sanctions from other Western countries," Foreign Minister Lavrov said during a meeting with his Egyptian counterpart Badr Abdelatty.
Russia currently holds the rotating BRICS presidency in 2024.
