... financial transactions, both within the BRICS and with trading partners in third countries was emphasised. There was also support for strengthening correspondent banking relations between the BRICS countries for settlements in national currencies. The finance ministers and heads of central banks of the BRICS countries were instructed to work on this issue for the next summit; that is, they will have to report on the results within the framework of the Russian Chairmanship and the BRICS Summit in Kazan....
... on August 23, 2023, the Declaration of the 15
th
BRICS Summit on the admission of six new members to the group (Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and UAE) is intended to strengthen cooperation among BRICS in the domain of international finance. In particular, it is about fostering further dialogue on payment instruments to facilitate trade and investment flows between the BRICS members as well as among other developing nations. The Parties
called for
more robust correspondent banking ...
... For instance, the Financial Stability Board (FSB), the Bank for International Settlements (BIS), the Basel Committee on Banking Supervision (BCBS), the Financial Action Task Force (FATF), the Wolfsberg Group and others all have a hand in the global finance system. How? These groups focus on developing global "standards" with an atypical composition of representatives (or members): central banks (normally, not public authorities), finance ministries, financial intelligence units, global ...
... instrumental in fine-tuning the country’s macroeconomic policy mix.
Another potential area is the discussion of issues concerning the crypto sector at the global level in fora such as the G20. In 2023 India holds the chairmanship in the G20 forum and its Finance Minister Nirmala Sitharaman has already declared that the issue of the regulation of crypto assets is going to be one of the presidency’s priorities. G20’s work on the crypto market regulation is likely to be conducted mostly along the Finance ...
On June 18¬–19, 2022, the International Schiller Institute held an online conference on reorganization of the international monetary and financial system
On June 18–19, 2022, the International Schiller Institute held an
online conference
on reorganization of the international monetary and financial system. The event was attended by experts, public figures, politicians, diplomats and journalists from the USA, Europe, Asia and Russia.
The event addressed the evolution of the leading international...
On April 20, 2022, Center for Strategic and International Studies (CSIS) in Washington, DC, hosted an online high-level expert discussion on the possible consequences of Russian-Ukrainian conflict for international monetary and financial, trade and investment organizations and systems
On April 20, 2022, Center for Strategic and International Studies (CSIS) in Washington, DC, hosted an online high-level expert discussion on the possible consequences of Russian-Ukrainian conflict for international...
... as well as at the 2022 Winter Olympics venues.
Additionally, China’s proactive plans for launching the world’s first digital currency can be explained by the Chinese authorities willing to make up for the marginal use of the yuan in international finance. Clearly, the share of the Chinese yuan in various sectors of the global financial market—the foreign exchange market, the lending market, the stock market, the investment market—is significantly below China’s status as the world’s largest ...
... institutions would not be in BRICS countries' favour in the near future, and hence emphasized the importance of a new Multilateral Clearing Union (MCU) which would serve as an intra-BRICS currency swap pool and tackle balance of payment shortcomings, trade finance, financial crisis aversion, and an overall restoration of sovereignty by
de-dollarizing
BRICS trade (NDB, 2017). This intention was also echoed in the 2017 BRICS Xiamen Summit declaration, which
stated
:
“
We agree to …enhance currency cooperation,...
... post-Covid setting. On the investment front, one of the uncertainties has to do with the likely re-formatting of the national projects, which were to serve as the main platform for infrastructure and industrial development in which private sector was to co-finance projects with the funding from the federal and regional budgets. On the consumer side, the detrimental effects on consumer confidence arising from the pandemic may be compounded by adverse demographics as well as changing consumption patterns....
... banking sector to comply with the restrictions and, consequently, to support the financial blockage of states on which the U.S. has imposed sanctions.
Key Concepts and Scholarship Overview
Economic sanctions consist of a set of restrictions in trade, finance, licensing, and other areas; these restrictions are used by the initiator state or by a group of such states against certain organizations or individuals. Sanctions are intended to induce the targeted state to modify its “conduct,” change ...