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 also operate as a complete financial mechanism.
When implemented, the system could attract emerging economies to shift away from the US dollar. The new BRICS payment system could lead to a model change in the global financial sector.
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 USD and the euro. This move will make BRICS' efforts to de-dollarize the economy much stronger.
Mr. Lavrov also criticized Europe and some countries for putting pressure on countries they do not like. He stressed that sanctions were the reason for BRICS' decision to deploy a new payment system.
Even US Treasury Secretary quan quan Yellen admitted that the White House's sanctions on developing countries have contributed to the trend of de-dollarization.
Minister Lavrov said that developing countries will flock to the BRICS payment system because they are afraid of US sanctions.
"Everyone understands that anyone can face US sanctions or sanctions from other Western countries," Foreign Minister Lavrov said at a meeting with his Egyptian counterpart Badr Abdelatty.
Russia is currently the rotating BRICS chair in 2024.
