BRICS to Form Parliament to Oversee Alliance & De-Dollarization

Joshua Ramos
brics vladimir putin africa leaders russia
Source: Valery Sharifulin (TASS)

As it continues to grow and expand its functions, the BRICS bloc has announced plans to form its very own parliament. Indeed, the entity would oversee the alliance, and its functions, and facilitate continued work on its most important projects, such as its ongoing de-dollarization initiatives.

The plan was announced in a recent statement from Russian President Vladimir Putin. Speaking this week, Putin said the bloc “doesn’t have [an] institutionalized parliamentary structure yet, but I believe this idea will be implemented in the future.”

Also Read: BRICS: Central Banks Ditching US Dollar, Buying More Gold

BRICS to Develop Parliamentary Structure

Since its 2023 summit, the BRICS bloc has seen tremendous growth take place. Not only has it introduced four new members, but it has set off to create monumental economic and political instruments to strengthen its position in global affairs. The next phase of that has now been announced.

Russian President Vladimir Putin has revealed that BRICS is set to form a parliament that oversees the alliance. Moreover, it will likely be critical to the grouping’s de-dollarization work. Speaking at a BRICS forum, Putin said he is “confident” the collective will “facilitate the process.”

Source: ANI

Also Read: BRICS Announce It’s Leaving The Dollar Behind, Focusing on Native Currency

The bloc is already creating its payment system. BRICS newcomer Iran proposed the interconnection of the country’s central banks. Speaking on the increased partnership with Russia, the country sought to extend that to the group’s other members.

Iran’s Minister of Foreign Affairs spokesperson, Nasser Kanini, told Russian state media of its “completed connecting national payment systems” through Russia and its central banks. Moreover, they seek “to extend this mechanism” to BRICS nations.

These initiatives are vital to growing its status. Moreover, they will only help it increase competition with the West. Its very own parliamentary structure could be an even larger step forward in that direction.