Russia passes the baton to Brazil in implementing de-dollarization measures – MFA – Russian Politics & Diplomacy

MOSCOW, October 25. /TASS/. The Russian chairmanship of the BRICS has achieved success in developing models for phasing out the dollar and formalizing them in agreements, and is now passing the baton for the implementation of these ideas to Brazil, the Russian deputy minister said of Foreign Affairs and BRICS Sherpa Sergey Ryabkov at a press conference after the association’s summit in Kazan.

“The next step should obviously be the implementation of these ideas (about dumping the dollar) into practical steps and patterns. It is clear that this area is extremely sensitive and poses risks associated with unlawful sanctions, including secondary sanctions. there are also solutions to protect ourselves against such measures. We turn this subject over to the Brazilians, fully convinced that the initiative has been taken; these are not just words, but the result of work embodied in agreements,” the senior diplomat explained.

Ryabkov emphasized that “phasing out the dollar through mutual settlement arrangements is a proven approach that needs further development and a multilateral character.”

“There are already functioning systems in place to ensure mutual arrangements that bypass the dominant SWIFT system, which has effectively been placed on a monopoly pedestal by the West. These systems should not only be developed, but also multiplied, integrated with each other and a network of Such systems We need solutions to address logistics and transportation challenges, especially in the insurance sector, which are independent of Western mechanisms,” said Ryabkov.

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

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

“The digitalization of the currency is also an area that we definitely need to address. We need to move on to practical matters in some aspects. We are gaining experience, and it is very positive,” he added.