Russia proposes a global payment system backed by gold for BRICS, challenging dollar hegemony and escalating tensions with the US.
Just a few months after strengthening its ties with BRICS countries, Russia has once again exerted pressure on the international financial system by publicly resuming the proposal for a global settlement mechanism backed by gold. The idea, advocated by officials and economists linked to the Kremlin, aims to offer an alternative to payment systems dominated by the West, such as SWIFT, and drastically reduce dependence on the dollar in international transactions.#BinanceAlphaAlert
For Moscow, this is a strategic response to the economic sanctions imposed since 2022, which froze hundreds of billions of dollars in Russian assets abroad and restricted the country's access to traditional payment channels. For Washington, however, the move represents a direct threat to American monetary hegemony — and a potential catalyst for other nations to seek alternatives outside the dollar's orbit.#UNIUSDT
The Russian vision: a “BRICS Pay” shielded against sanctions #StrategyBTCPurchase
The proposal, according to statements by Sergey Glazyev, commissioner of the Eurasian Economic Union (EAEU), is to create a settlement system that combines gold backing with the use of national currencies of BRICS member countries and strategic allies.