A top Russian official, Deputy Foreign Minister Sergey Ryabkov, has declared that plans for a BRICS payment system are "not hypothetical." This statement indicates a significant move by Russia and its BRICS partners—Brazil, India, China, and South Africa—to explore alternatives to the US dollar as a dominant trading currency.
Ryabkov's affirmation sheds light on the practicality and tangible nature of the BRICS payment network, aiming to establish a more diversified and autonomous financial mechanism. This move is part of a broader strategy to reduce reliance on the dollar, which has long been the prevailing currency in global trade and transactions.
