Throughout 2023, the BRICS economic alliance has consistently challenged the geopolitical status quo. The collective has not been shy about its efforts to facilitate a multipolar world. Moreover, it has continually sought to lessen international reliance on the US dollar and Western-based economic structures.
Now, the bloc has taken a massive step toward that goal. Specifically, the BRICS alliance announced it was officially launching its independent payment system. Russia’s president took the stage on Friday to unveil the project and reiterate its importance to the bloc’s continued aspirations.
“This year, BRICS was joined by new participants: Saudi Arabia, Iran, the United Arab Emirates (UAE), Egypt, and Ethiopia,” Putin also remarked. Moreover, he noted that the alliance “has tremendous potential for the joining of new participants” from different continents. Thereafter, he expressed support from Moscow to encourage those expansion efforts.
