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 <p>BRICS member Russia confirmed on Sunday that Kremlin is working towards building a new payment system without incorporating the U.S. dollar. Russia aims to build a new payment mechanism to settle cross-border transactions with BRICS and other developing countries bypassing the US dollar. The decision to build a new payment system comes after the U.S. pressed sanctions on Russia for invading Ukraine.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Expansion a Threat To SWIFT Payment System &amp; US Dollar</strong></p>
 <p>If Russia succeeds in building a new payment system asking BRICS and other countries to pay in local currencies, the U.S. dollar will be the hardest hit currency. Read here to know how many sectors in the U.S. will be affected if BRICS ditches the dollar for trade.</p>
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 <h2 class="wp-block-heading" id="h-brics-russia-confirms-building-a-new-payment-system-with-no-u-s-dollar-mechanism">BRICS: Russia Confirms Building a New Payment System With No U.S. Dollar Mechanism</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="603" src="https://cdn.thebittimes.com/images/2024/01/29/79ae3032d081fb7fbba59fb473603751.webp" alt="usa russia countries flags america brics" class="wp-image-119306" srcset="https://cdn.thebittimes.com/images/2024/01/29/79ae3032d081fb7fbba59fb473603751.webp 1024w, https://cdn.thebittimes.com/images/2024/01/29/79ae3032d081fb7fbba59fb473603751.webp 300w, https://cdn.thebittimes.com/images/2024/01/29/79ae3032d081fb7fbba59fb473603751.webp 768w, https://cdn.thebittimes.com/images/2024/01/29/79ae3032d081fb7fbba59fb473603751.webp 380w, https://cdn.thebittimes.com/images/2024/01/29/79ae3032d081fb7fbba59fb473603751.webp 550w, https://cdn.thebittimes.com/images/2024/01/29/79ae3032d081fb7fbba59fb473603751.webp 800w, https://cdn.thebittimes.com/images/2024/01/29/79ae3032d081fb7fbba59fb473603751.webp 1160w, https://cdn.thebittimes.com/images/2024/01/29/79ae3032d081fb7fbba59fb473603751.webp 1333w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: thenewsguru.com
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 <p>Kremlin spokesperson Dmitry Peskov confirmed that <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> is advancing towards building a new payment mechanism without the U.S. dollar. He also called the traditional world order dominated by the U.S. dollar system <strong>“unreliable, false, and dangerous”.</strong></p>
 <p><strong>Also Read: Comparing <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> GDP vs G7 Countries</strong></p>
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 <p><strong>“<a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> is building a new system of economic connections because the previous system turned out to be unreliable, false, and dangerous. <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> is looking for an opportunity to develop alternatives,”</strong> confirmed Peskov to MenaFN.</p>
 <p>However, Peskov did not specify the nature of the new payment mechanism and its scalability. He did not provide insights into the new payment system approved by BRICS to challenge the U.S. dollar. Further details about the payment network are kept under wraps and Russia is unwilling to provide insights.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Morgan Stanley Predicts Future of the U.S. Dollar</strong></p>
 <p>The new payment system idea comes at a time when BRICS is aiming to uproot the U.S. dollar’s supremacy. BRICS members China and Russia are spearheading the de-dollarization campaign convincing other developing countries to settle trade in local currencies. Read here to know how many countries want to ditch the U.S. dollar and settle trade in local currencies.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Russia</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-russia-building-new-payment-system-without-u-s-dollar-tbt78114.html">https://thebittimes.com/brics-russia-building-new-payment-system-without-u-s-dollar-tbt78114.html</a></p>

BRICS: Russia Building New Payment System Without U.S. Dollar

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