Thursday, May 29, 2025

Latest

Trade Bloc EEU Looking to Create Joint Payment System With BRICS

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.


Information for this briefing was found via Izvestia. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

First Majestic Makes Second Major Discovery At Santa Elena In Just A Year

Related News

Brazil Says BRICS To Pause Unified Currency Push

Brazil announces that it decided not to press forward with a common BRICS currency this...

Thursday, February 13, 2025, 12:27:00 PM

BRICS Summit Raises Possibility of Petrodollar Replacement

The BRICS countries – Brazil, Russia, India, China, and South Africa – will discuss creating...

Friday, January 27, 2023, 10:32:31 AM

Turkish Lira Plummets to New Low After Central Bank Slashes Rates Again

The Turkish lira fell to the lowest on record, after the country’s central bank once...

Friday, November 19, 2021, 02:36:00 PM

The De-Dollarization Continues: Egypt to Issue $500 Million Worth of Yuan Bonds

The US dollar as the world’s reserve currency is losing its lustre, and rather fast....

Tuesday, August 30, 2022, 03:13:52 PM

CIBC: Strengthening Canadian Dollar Poses Serious Implications for Canada’s Exporting Sector

As the US dollar continues to weaken amid unprecedented fiscal and monetary measures taken by...

Saturday, January 9, 2021, 11:44:00 AM