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The Eurasian Economic Union (EEU) wants to create a common payment system with BRICS countries, in an effort to reduce dependence on the US dollar and other Western currencies.
The EEU, a Russian-led post-Soviet bloc consisting of Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan that focuses on free trade in goods, services and capital among member countries, is considering creating a single payment card with BRICS members to brought together each country’s major payment system, including Russia’s Mir, India’s RuPay, China’s Union Pay, and Brazil’s Elo.
“We have made significant progress and now the work is focused on sectors such as banking, insurance and the stock market,” said adviser to the EEU chairman Vladimir Kovalev, as quoted by the Russian newspaper Izvestia. The EEU also plans to establish a regulatory body that will unite the two blocs as part of a common infrastructure. The BRICS group, which includes Brazil, Russia, India, China and South Africa and accounts for nearly a quarter of the world’s GDP, is stepping up efforts to reduce reliance on the Western monetary system.
Information for this briefing was found via Izvesti. The author has no securities or affiliations with this organization. Not a recommendation to buy or sell. Always do additional research and consult with a professional before purchasing a security. The author is not licensed.
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