New Brics banking system would render sanctions useless, ex-chancellor warns
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. If it ever happened, it would be a major threat to the Western-led financial system, but above all it would make it impossible for the West to impose sanctions on countries like Russia, China or Iran or other malign countries Lord Lamont Lord Lamont told the House of Lords on Thursday: “While the idea of a Brics payments system, which was announced by Mr Putin at the Kazan Brics conference, may seem rather fanciful and a long way off, nevertheless it needs to be taken seriously. “If it ever happened, it would be a major threat to the Western-led financial system, but above all it would make it impossible for the West to impose sanctions on countries like Russia, China or Iran or other malign countries.” Financial Secretary to the Treasury Lord Livermore said: “The Government believes an integrated global financial system is the best way to achieve global prosperity and financial stability. The independent crossbench peer said: “If the President-elect of the US goes ahead with some of the more extreme versions of his tariffs ideas, this is likely to add momentum and an impetus to the attempts by the Brics to break away from the financial system that currently exists.” Meanwhile, Liberal Democrat peer Baroness Kramer warned that the current international payments system is “hapless” and that, if the Brics countries manage to create one that works better, users will flock to this alternative. “Do Western governments, including ours, understand that, if they fail to remedy this absolutely hapless international payments system and the Brics devise any international payments system that’s even halfway efficient and reasonably priced, users will simply flock to the Brics system out of sheer frustration?” Lord Livermore said he did not not think it would be “appropriate” to comment on the Trump administration’s future policies, but said the UK will “work closely with the US on a range of security issues, including sanctions”.
History of this topic
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