Russia will persuade these countries to establish an international payment alternative platform at the BRICS leader summit next week to bypass Western sanctions.

President Putin is keen to build the BRICS countries into a powerful force to compete with the West in global politics and trade.In addition to Brazil, Russia, India, China, and South Africa, the BRICS countries have expanded to countries including Egypt, Ethiopia, Iran and Arabia.

Moscow believes that the summit held in Kazan from October 22nd to 24th proves that the efforts of Western isolation Russia have failed.Moscow hopes that other countries will cooperate with it to completely reform the global financial system and end the dominant position of the US dollar.

According to a document distributed by the Russian Ministry of Finance and the central bank to reporters before the summit, the BRICS country proposes to establish a new payment system, which is based on a commercial bank network that is linked to each other through the BRICS central bank.

The system will use blockchain technology to store and transfer digital tokens supported by currencies from various countries.In this way, these currencies can be redeemed easily and safely to bypass their dependence on US dollar transactions.

Russia regards it as a way to solve the increasing problem in trade payment and settlement. Even if it is a trade payment settlement with friendly countries such as China, local banks are worried that they will be subject to secondary sanctions in the United States.

The founder of the think tank Brics+ Analytics Yaroslav Lissovolik said that building such a system is technically feasible, but it takes time.

He said: After the members of the BRICS country increased sharply last year, reaching a consensus can be said to be difficult to add.quot;

** Food Exchange **

Russia's documents have accused the International Monetary Fund such as the current institutions serving the interests of Western countries, saying that these institutions need Quot; improve to better serve the development of global economic QUOT;Russian Treasury Minister Silu Annov appealed last week that members of the BRICS country have established an institution for the International Monetary Fund.

As the world's largest wheat exporter, Russia is also urging the establishment of a BRICS Grain Exchange supported by a pricing agency to replace Western exchanges that determine the price of international agricultural products.

As for the summit itself, Russia said it is expected to welcome leaders of all nine BRICS members and about 15 other countries who are keen to cooperate with the group, and Saudi Arabia foreign ministers who have been invited to participate.