Brief: Kazan BRICS Summit; BRICS Pay/Clear Initiatives, Implications for Global Financial Systems.
- Raven Geostrategic Admin
- Oct 30, 2024
- 6 min read
Overview
The BRICS summit held in Kazan, Russia, from October 22 to 24, 2024, underscored the bloc's ambitions to reshape global financial dynamics. The discussions centered on financial sovereignty, particularly through the BRICS Pay and BRICS Clear initiatives, which aim to provide alternatives to Western financial infrastructures like the SWIFT system and challenge the USD and Euro's dominance in international trade. These programs, if widely implemented, could redefine global trade and energy markets by encouraging local currency transactions among BRICS members and aligning with a multipolar financial landscape.
Key Developments and Attendees
The Kazan summit gathered 36 leaders from BRICS countries and other interested nations. Key attendees included Vladimir Putin (Russia), Xi Jinping (China), Narendra Modi (India), Cyril Ramaphosa (South Africa), and UN Secretary-General António Guterres, with notable discussions on global conflicts like Ukraine and Gaza (CBS News, 2024; Al Jazeera, 2024; AP News, 2024). Leaders endorsed financial collaboration, leading to initiatives aimed at bypassing Western economic systems.
BRICS Pay and BRICS Clear: Objectives and Potential Impacts
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