Russia proposes a gold-backed payment system in BRICS and raises alarm in the USA

Proposal seeks to reduce dependence on the dollar, but expert warns of risks of isolation and lack of reserves

A few months after reinforcing its rapprochement with BRICS countries, Russia has once again raised concerns in the global financial system. The reason is the resumption of the proposal to create an international payment system backed by gold within the bloc — formed by Brazil, Russia, India, China, and South Africa, which has been expanding its composition with new members.

In an interview with the program Passando a Limpo, on Rádio Jornal, this Tuesday (19), the attorney and retired prosecutor of the Central Bank, Flávio Maia, analyzed the possible impacts and motivations behind the Russian initiative.

Attempt to bypass the dollar

According to Maia, Russia's proposal has the main objective of reducing dependence on the dollar in international transactions and circumventing sanctions imposed by the United States, such as the exclusion from the SWIFT system — the main global banking payment platform. "Russia starts to use this as a political instrument. Being removed from SWIFT, the country responds by proposing an alternative," he explained.

However, the expert warns that currently, BRICS countries do not have sufficient gold reserves to ensure the stability of a new currency. "If there is distrust regarding the value of this currency and a rush to exchange it for gold, the countries would not be able to guarantee this redemption," he highlighted.

Dollar remains dominant

Despite criticism of US foreign policy, Maia states that the dollar remains the main international currency because it is widely accepted and supported by the strength of the American economy. "It is the currency accepted by all. You can safely invest in US Treasury bonds. Even China, the main economic rival of the United States, maintains a large reserve in dollars," he emphasized.

In the view of the retired prosecutor, replacing the dollar would require a level of global adherence that is difficult to achieve, especially in the short or medium term.