JOURNAL ARTICLE

Russia Pushes for BRICS Clearing, Depository System to Sidestep the West.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 2

  • Database: Business Source Ultimate 2 of 2

Abstract

Russia has proposed a unified depository and clearance system for BRICS countries to enhance financial cooperation without Western involvement. The aim is to facilitate cross-border securities transactions as an alternative to existing systems like Euroclear and Clearstream. While some experts doubt the interest of most BRICS members in joining a common depository, Russia's push for alternative financial structures is driven by sanctions imposed after the Ukraine invasion. The proposed system, based on distributed ledger technology, could potentially boost trade between BRICS members by 5%-7%. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/10, pN.PAG
  • Document Type:Article
  • Subject Area:Law
  • Publication Date:2024
  • Accession Number:180455717
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