Russian President Vladimir Putin will host a summit of BRICS leaders next week, seeking support from the broader group, which now accounts for about a third of global economic output, in its standoff with the West.
Russia says the leaders of Brazil, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates will attend the summit. Saudi Arabia, which has been invited to participate, will be represented by its foreign minister.
Here are some of the proposals that Moscow will present:
BRICS INITIATIVE ON CROSS-BORDER PAYMENTS
An alternative payment system in BRICS national currencies that would include a new messaging system and a network of national commercial banks linked together through BRICS central banks, thereby removing the need to exchange local currencies through intermediary of the American dollar.
The system would be immune to external pressures and use blockchain technology to store and transfer digital tokens, backed by national currencies, to make it more secure and reduce transaction costs. The objective is to maintain the smooth functioning of trade flows between member countries, even if one or more members are denied access to the international financial system.
BRICS CLEAR
An international settlement and depository infrastructure that Russia said would improve cross-border trading of domestic securities. The idea is to allow all members to retain full access to BRICS financial markets, even if they are cut off from Western financial infrastructure.
BRICS REINSURANCE
It is proposed to establish a BRICS reinsurance company to enable uninterrupted transportation of essential goods and commodities between members, in case Western reinsurance companies, which dominate international trade, refuse to provide their services.
This issue is particularly relevant for Russia, because since 2022 Western countries have capped the price of its oil, blocking access to Western shipping and insurance services if oil is sold above $60 per barrel .
BRICS CONTINGENT RESERVE AGREEMENT
International financial mechanism aimed at supporting member countries in times of economic crisis, which would serve as an alternative to financing from the International Monetary Fund (IMF).
BRICS CEREALS EXCHANGE
The proposal calls for the creation of a trading platform for grains and other important commodities, with an associated pricing agency that will provide price data and market analysis. Currently, international prices for major commodities are set by Western stock exchanges.
CREDIT RATING COOPERATION
Better communication and sharing of experience between credit rating agencies in member countries, with the use of artificial intelligence to help eliminate human bias. This measure would protect BRICS markets from withdrawal by Western rating agencies.
