The Eurasian Economic Union (EEU) is looking to create a joint payment system with BRICS countries, in an effort to cut dependence on the US dollar and other western currencies.
The EEU, a Russia-led post-Soviet bloc consisting of Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan focusing on the free trade of goods, services and capital amongst member nations, is mulling creating a single payment card with BRICS members to bring together each country’s major payment system, including Russia’s Mir, India’s RuPay, China’s Union Pay, and Brazil’s Elo.
“We’ve made substantial progress and now the work is focused on such sectors as banking, insurance and the stock market,” said EEU chairman advisor Vladimir Kovalyov, as cited by Russian newspaper Izvestia. The EEU is also planning to establish a regulatory body uniting the two blocs as part of the joint infrastructure. The BRICS group, which is comprised of Brazil, Russia, India, China, and South Africa and accounts for almost one quarter of the world’s GDP, has been increasing efforts to cut reliance on the western monetary system.
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