Russia hands over to Brazil in the implementation of de-dollarization measures — MFA – Russian Politics & Diplomacy

MOSCOW, October 25. /TASS/. The Russian BRICS presidency has achieved successful results in developing models for abandoning the dollar and formalizing them in agreements, and is now passing the baton of the implementation of these ideas to Brazil, the Russian Deputy Minister of Foreign Affairs and Trade said at the conference. BRICS Sherpa, Sergey Ryabkov. press conference after the association’s summit in Kazan.

“The next step, of course, should be the implementation of these ideas (about eliminating the dollar) into practical measures and standards. It is clear that this area is extremely sensitive and carries risks associated with illegitimate sanctions, including secondary ones. However , there are also solutions to protect ourselves from such measures. We are handing this issue over to the Brazilians, fully convinced that the initiative has been taken and they are not just words but the result of work formalized in agreements,” explained the senior diplomat.

Ryabkov emphasized that “the elimination of the dollar through mutual compensation schemes is a well-proven approach that needs further development and a multilateral character.”

“There are already systems in place to ensure mutual agreements that avoid the dominant SWIFT system, which the West has effectively placed on a monopoly pedestal. These systems must not only be developed but also multiplied, integrated with each other, forming a network of To solve the problems in logistics and transport, mainly in the insurance sector, we need solutions that are independent of Western mechanisms,” said Riabkov.

The senior diplomat mentioned mechanisms such as BRICS Bridge, BRICS Clear and BRICS Reinsurance among the practical ideas that “have matured during the Russian presidency and have now become elements of agreements between leaders and specialists.”

“De-dollarization through the increasing use of national currencies is a direct, clear and effective path,” Ryabkov said.

“The digitization of currency is also an area that we certainly need to address. We need to move on to practical issues in some aspects. We are accumulating experience and it is very positive,” he added.