Russia Pitches Trading Centers In A Widening Plan To Move Away From The Us-dominated Global Financial Order

htan@insider.com (Huileng Tan), Business Insider
Mon, 10/14/2024 - 2:47am

Russian President Vladimir Putin's regime is looking to establish a non US-centric financial and trading order.Getty ImagesRussia is proposing alternative payment systems and commodity centers.The proposal aims to strengthen BRICS economies' sovereignty and reduce dollar reliance.Challenges include entrenched dollar dominance and existing global trading systems' liquidity.Russia has released new details on how it could move away from the dollar, part of a long-running effort to buoy trade amid Western sanctions.Earlier this month, Russia's Finance Ministry, its central bank, and Moscow-based consultancy Yakov & Partners outlined the country's vision of what the country is aiming for in a report.Other than championing alternative payment systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources.Russia is a commodity giant and a major producer of oil, natural gas, gold, and grains.

Topics: russian president vladimir putin us-centric getty imagesrussia russia's finance ministry moscow-based yakov partners ukraine india china south africa tass moving brics kazan october 24.the interfax april chicago mercantile exchange the brics russia's union grain exporters agriculture ministry december cme scotland international monetary fund business insider us russia russian brics brazil october move global financial order trading centers trade world systems report market country oil commodity dollar payment alternative proposed participants markets prices currencies countries strengthen proposal sovereignty rice facilitate reduce domestic news agency details explained economies bartering wheat members transactions measure products gas exports sanctions grains major liquidity accounts

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Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order
Russia has released new details on how it could move away from the dollar, part of a long-running effort to buoy trade amid Western sanctions. Earlier this month, Russia's Finance Ministry, its ...
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Russia Pitches Trading Centers In A Widening Plan To Move Away From The Us-dominated Global Financial Order

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