Russian finance minister declares that BRICS creating its own payment system
Date
10/24/2024 8:52:48 AM
(MENAFN) The BRICS nations are actively working on establishing their own international payment system, as highlighted by Russian Finance Minister Anton Siluanov in an exclusive interview with RT Arabic. He pointed out that existing platforms utilizing Western infrastructure have become increasingly politicized, prompting the need for an independent solution. This initiative comes in response to the extensive sanctions campaign against Russia, primarily led by the United States, which has compelled Moscow and its BRICS partners to seek alternative trade mechanisms.
Siluanov explained that the proposed cross-border payment infrastructure will be built on advanced technologies, designed to facilitate faster and more cost-effective foreign trade transactions while remaining free from external influences. "Our task is to create our own independent system, given the largely political decisions of the West," he stated, emphasizing the collaborative efforts of BRICS finance ministries and central banks in this endeavor.
He further described BRICS as a platform that transcends political boundaries and pressures, with the primary goal of fostering economic growth and enhancing the welfare of its citizens. The new payment system will utilize national currencies as well as digital currencies, signifying a move toward a more diversified and resilient financial ecosystem.
The urgency for this initiative is underscored by Russia's exclusion from the SWIFT international payment system in 2022, following comprehensive sanctions imposed by Western nations over the conflict in Ukraine. Last month, Russian President Vladimir Putin announced that BRICS members were jointly developing a payment and settlement framework to facilitate trade within the bloc.
Currently, Russia chairs BRICS, which includes Brazil, India, China, and South Africa, alongside new members Iran, Egypt, Ethiopia, and the UAE, all of whom joined in January. This collective effort reflects a significant shift in global economic dynamics as BRICS seeks to create a self-sustaining financial framework independent of Western influence.
MENAFN24102024000045015687ID1108815707
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.