Russia And the BRICS and the SCO took advantage of the opportune moment For a fundamental change in the global economy, writes in his article For analyst one of the leading internationally renowned consulting organizations specializing in the assessment of risks For doing business, Control Risks Timothy Stanley.
In an effort to make an alternative to the ubiquitous dollar, Russia and China last year signed a currency swap agreement to $ 25 billion. Sberbank of Russia has announced the release of letters of credit involving payment from the Export-import Bank of China, the Russian authorities are studying the possibility of issuing bonds in yuan. And after in the West, told about the possibility of off Russia from SWIFT on the background of the Ukrainian fall, Moscow and Beijing are thinking about creating alternative SWIFT payment systems For the BRICS, it is reported in the publication.
"The Central banks of several regional economies, including China, Russia and Kazakhstan, buy gold in unprecedented amounts, which might mean that preparations for the establishment in the medium term of a financial instrument, backed by gold," writes the analyst.
Russia believes that the West is preparing a " Machiavellian plan ". Moscow is convinced that neither the politicians, nor the media, nor the financial institutions of the West can not be trusted, and for many reasons - ranging from military intervention of NATO in Afghanistan and Iraq, and ending with the coup in Ukraine and attempts to deprive Russia of the right to hold the world championship on football of 2018. While the member countries of the BRICS saw that the West is not going to reform the Bretton Woods system which links are international monetary Fund (IMF) and international Bank for restoration and development (IBRD), and began to create an alternative to Western financial institutions. For this we have created a development Bank and Asian infrastructure investment Bank (AIIB), reminds Timothy Stanley.
against this background, the combined BRICS summit and the SCO in Ufa, which will be held in July, extremely symbolic, and the West should pay attention to it - in the same city simultaneously Commissioners will gather the world's largest growing economies, And countries that want to provide their own sovereignty and security of the vast territory of Eurasia.
"Western" isolation "of Russia wins to create fresh economic realities that must lead to growth more balanced and sustainable economy for decades," writes the analyst.