Igor Shuvalov, the chairman of Russiaโs national economic development institution, VEB.RF, has urged China and Russia to expedite the establishment of an efficient payment system for BRICS and SCO members.ย
State-of-the-Art Payment Systemย BRICS and SCO Currencies
Shuvalov, who previously served as 1st Deputy Prime Minister in Dmitry Medvedevโs Cabinet, emphasized the must swiftly create a payment system that supports transactions in the Russian ruble, the Chinese yuan, and the currencies of SCO and BRICS member nations.ย
The chairman of VEB.RF has urged #China and #Russia to expedite the development of an innovative payment system for members of #SCO and #BRICS pic.twitter.com/buOcZjSEPr
โ PRO BLOCKCHAIN (@PRO_BLOCKCHAIN) May 24, 2023
During the Russian-Chinese Business Forum in Shanghai, Shuvalov highlighted the importance of this system, given that the BRICS comprises Brazil, Russia, India, China, and South Africa, and the SCO is the largest regional organization universally, formed in 2001 as a political, economic, and defense alliance.
Shuvalov indicatedย that trade and economic participation betwixt Russia and China are expected to increase significantly, emphasizing the growing collaboration betwixt his organization, the China Development Bank (CDB), and other financial institutions within the SCO and BRICS. He emphasized the significance of creating a new and advanced payment infrastructure to strengthen trade and economic relations betwixt the two countries.ย
A BRICS monetary, payment system is likewise being arrogantly dismissed by Americans regardlessย of very clear indications and have been since Ukraine invasion sanctions and even before, but itโs serious.
China, Russia but likewise India have definitely chosen #gold in some form to back it up. pic.twitter.com/1Nh1xno9orโ ๐ช๐บ ๐ฒ๐จ๐จ๐ญDan Popescu ๐ซ๐ท๐ฎ๐น๐ท๐ด (@PopescuCo) May 23, 2023
Shuvalov urged the Russian Government and Chinese partners to take proactive steps, highlighting the importance of an independent and efficient payment infrastructure not only for the โruble/yuanโ pair but likewise for facilitating substantial transactions involving SCO and BRICS currencies.
On Tuesday, Russian Prime Minister Mikhail Mishustin indicatedย that the relationship betwixt Russia and China is becoming stronger. Withinย a meeting with members of the Russian business community, Mishustin mentioned the Russian-Chinese Business Forum, noting the participation of greaterย than 1,200 people, including representatives from numerous Russian corporations, which he considered positive. Mishustin emphasized that the bond betwixt Russia and China is growing stronger owingย to their historical ties, mutual respect, and friendship.
Russia Moves Towards the East to Pursue De-Dollarization and Alternative Financial System
Russia is moving toward the east to setย up a more balanced world. It discusses de-dollarization and developing a new financial system independent of traditional powers.ย
A NEW TREND? ๐ค
Russiaโs deputy prime minister reveals Russia could create an independent financial system with Islamic countries.
Reminder,
Within the framework of Sharia law, gold is characterized as a โRibawi item,โ implying that Muslims cannot trade it for anticipated futureโฆ pic.twitter.com/pu2xidsI41
โ Gold Telegraph โก (@GoldTelegraph_) May 22, 2023
Russian Deputy Prime Minister Alexey Overchuk revealed that broad talks with the Islamic world covered these and other related matters during the Russia-Islamic World: KazanForum, an international economic forum. Overchuk emphasized that worldwide shifts and trends, such as de-dollarization and establishing an autonomous financial system, influence Russiaโs relations with Islamic countries.ย
Consequently, Russia intendsย to construct an alternative financial system that enables transactions with other countries without relying on SWIFT, the worldwide banking network, or the Unitedย States dollar. This pursuit is driven by the G7โs intentions to further restrict Russiaโs access to the existing financial system.
Unitedย States Dollar is a Fiat Currency ๐ฐ
De-Dollarization Efforts Continue: Russia And Islamic World To Create Independent Financial System
Russia and Islamic countries are discussing de-dollarization and the state of the worldwide financial system. Theย mostย recent details come reportsย by aโฆ
โ Jehanzeb Nawaz (@jehanzebnawaz) May 23, 2023
The talks betwixt Russia and the Islamic states cover greaterย than just the mentioned topics. They likewise focus on broader subjects like deglobalization and dealing with changing financing trends in theย present geopolitical context. Overchuk believes these discussions will have a positive outcome because Russia and these countries face similar challenges. He indicatedย that futureย ofย the relations betwixt Russia and the Islamic states looks promising, and the Russian Government is actively working towards further development.
Russia has recently strengthened its ties with Iran as part of these efforts. They have announced the construction of the Rasht-Astara railway, intended to serve as an alternative to the Suez Canal. This railway will connect India, Iran, Russia, Azerbaijan, and other countries in the Islamic world. It will span 162 kilometers.
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