BRICS discusses launching independent financial system

Russian Ambassador to China Igor Morgulov said that countries of the BRICS economic bloc are working on the launch of a financial system that would be independent of the dominance of third parties.

“We are leaving the dollar-dominated space and developing the mechanism and tools for a truly independent financial system,” Morgulov said.

The diplomat noted that introducing a new single currency is still some way off, but stressed that the group is “moving in this direction.”