Russian President Vladimir Putin criticized U.S. sanctions, noting that they are driving global economies away from the U.S. dollar and leading to a gradual decline in its use for international trade and reserves. He highlighted that Russia now conducts 95% of its foreign trade in national currencies due to these sanctions. Putin emphasized BRICS nations’…
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European sanctions against Russia are impacting small European exporters, particularly in Italy, more severely than Russia itself, according to Ferdinando Pelazzo, president of the Italian-Russian Chamber of Commerce. Small and medium-sized enterprises (SMEs) are struggling with disrupted payment systems and logistical challenges due to the sanctions. Italian businesses heavily reliant on Russian markets now face…
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Russian President Vladimir Putin has unveiled a plan to introduce digital currencies as a key tool for investment for the BRICS alliance. This proposal aims to boost economic growth in developing nations, with a focus on minimizing inflationary risks. By involving BRICS members and other developing countries, Putin sees this initiative as a critical step…
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Russia is determined to create a domestic payment system to conduct trade and international transactions free from current disruptions. Mikhail Mishustin, Prime Minister of Russia, stated that this will be a joint effort by many institutions to achieve a principles-based system instead of the current one managed by Western institutions. Prime Minister States Russia Will…
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The BRICS summit, not the U.S. presidential election, will be the defining event of global history, a Russian official claims. With BRICS expanding and 65% of its transactions now in national currencies, they argue the world is shifting away from U.S. dominance toward sovereign partnerships. “I believe that in 2024 the vector of human development…
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A Fellow at the Carnegie Russia Eurasia Center and former adviser at the Central Bank of Russia has weighed in on the digital ruble, Russia’s central bank digital currency (CBDC), highlighting its potential role in reshaping Russia’s financial landscape amid sanctions. While the digital currency could offer new avenues for trade and reduce reliance on…
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Russia’s financial regulator maintains that its anti-money laundering system, including strengthened virtual currency regulations, remains effective even if the country faces potential blacklisting by the Financial Action Task Force (FATF). The agency highlighted new federal laws addressing previous concerns and stressed that no significant deficiencies exist that would justify Russia’s inclusion on the FATF blacklist,…
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A Zimbabwean professor has highlighted the BRICS New Development Bank (NDB) as a crucial alternative to the International Monetary Fund (IMF), offering better financial terms to developing nations. He emphasized the NDB’s role in helping countries like Zimbabwe escape debt cycles and discussed the introduction of Zimbabwe Gold (ZiG), a currency backed by mineral wealth,…
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Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries. As the group expands, discussions on alternative payment platforms are gaining momentum ahead of the BRICS summit in Kazan. Brazil aims to advance this initiative during its 2025 chairmanship,…
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BRICS is undermining the hegemony of Washington and Brussels as nations increasingly seek equal dialogue and cooperation that prioritize their own interests, according to Russia’s State Duma speaker. He stressed that countries are moving away from serving the U.S. and its allies, instead choosing partnerships that respect sovereignty and offer mutually beneficial cooperation, signaling a…
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