Russia is proposing alternative payment systems and commodity centers.
Challenges include entrenched dollar dominance and existing global trading systems' liquidity.
Other than championing alternative payment systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources.
Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document.
Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems.
Persons:
—, Yakov, Brent
Organizations:
Service, Russia's Finance Ministry, Partners, Tass, Chicago Mercantile Exchange, Grain, country's Agriculture Ministry, Brent, International Monetary Fund
Locations:
Russia, Moscow, Ukraine, Brazil, India, China, South Africa, Russian, Pakistan, Kazan, masse, Scotland