Russia’s de-dollarization plan is now in action. President Putin has revealed new steps to cut reliance on the US dollar in global finance. BRICS nations are setting up new payment systems to reshape international trade patterns. These changes will affect how countries pay each other.
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Navigating the Shift: De-Dollarization and Its Impact on Global Finance
Key Components of the Roadmap
“It is obvious that the next wave of global economic growth is being born in the countries of the global majority. Therefore, the time has come to discuss the idea of creating our own platform to unlock the potential of our growing economies,” Putin said at the BRICS Plus meeting in Kazan. The platform aligns with the de-dollarization goals of reducing dependency on the US dollar.
The financial platform will establish new ways to pay, handle cross-border money, and connect banks. With these new tools, member countries will work together more easily.
Implementation Process
BRICS countries are gradually moving away from US dollar use. Putin stated that “it is important to build alternative, reliable and free from any dictate multilateral financial mechanisms for production and logistics chains, establish an exchange of technologies and advanced knowledge, and develop and increase the capacity of new international transport corridors.” De-dollarization is a key goal here. Each part will start at a different time.
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Strategic Partnerships
“Regarding the investment process, this is crucial for countries such as Saudi Arabia and Russia, as well as others like China and India,” Putin noted, pointing to growing partnerships. The BRICS Bank has already helped fund 100 projects worth $32-33 billion. Member countries are working more closely together through these projects, contributing significantly to the de-dollarization process.
Investment Security Measures
The system ensures that investments stay safe in growing markets. Putin explained that “it is vital to have the means to safely and securely invest in emerging markets; this is of the utmost importance. This is encapsulated in our proposal to create this new investment platform.” This platform supports the overall goals of de-dollarization in growing markets.
New transport routes will connect North-South and Northern Sea areas, building a global finance system separate from old ones. These safety steps help protect money while markets grow.
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Global Finance Transformation
The de-dollarization roadmap brings significant changes to global finance. BRICS countries are creating new ways to handle international trade. They’re changing how money moves, sharing technology, opening new shipping routes, and building stronger partnerships.