BRICS: Navigating Payment Challenges Without a New System

During a statement, Russian President Vladimir Putin clarified that BRICS has no plans to establish a separate payment system. Instead, the member countries will utilize existing systems to resolve payment challenges, as this issue remains a significant hurdle in enhancing cooperation within the bloc.

Amid rising speculation about financial integration, Russian President Vladimir Putin announced decisively on Thursday that the BRICS group does not intend to establish its own separate payment system.

Addressing the media, Putin emphasized that the primary challenge facing BRICS nations is resolving the complex payments issue within the group. However, he reassured that member countries would rely on existing financial systems to navigate this obstacle effectively.

This announcement sheds light on BRICS' strategic approach to overcoming barriers to cooperation without overhauling the current financial infrastructure.

(With inputs from agencies.)