In his exchange with leading journalists from BRICS nations on Oct. 18, Russian President Vladimir Putin explained that the BRICS “will move as fast as we can” on international financial reform, but that this means “proceeding incrementally, step by step.” He added: “We believe, any rush would be inappropriate"—meaning both that there is no unanimity within the BRICS for all the measures being considered, and that the aggressive opposition of the West must be factored in.
Among the steps that may be approved at the Summit is what the Russians have called “BRICS Pay,” and which is being actively promoted on its own official website A strong promotional article in China’s Global Times on Oct. 17 described it as “a decentralized, independent payment messaging system under development by the BRICS member states, comparable to Europe’s SWIFT.” The article added: “Chinese experts said that this initiative will provide BRICS countries with expanded payment options for settling goods and services, further solidifying their economic relationships. Additionally, this approach may help reduce excessive reliance on the U.S. dollar, balance the dollar’s dominance, foster financial diversification, and bolster economic autonomy among BRICS members and beyond, experts noted.”
The official BRICS Pay site also reports positive endorsements from Brazilian and Indian businessmen and others.
