Brics to push for intra-currency payments as ‘immunity’ against Western clout

Brics nations are assessing whether a digital payments framework linking their currencies could lessen the impact of Western sanctions, tariffs and US dollar volatility without destabilising the Washington-led global financial system.

Under the plan proposed by India’s central bank, Brics is looking to allow cross-border transactions to be settled in local currencies. Its feasibility depends on how far the bloc’s members can lessen their reliance on Western-controlled payment channels without alarming the US, according to analysts.