BRICS is emphasizing the establishment of a platform enabling member states to conduct transactions in national currencies, according to Russian Foreign Minister Sergey Lavrov.
Thank you for reading this post, don't forget to subscribe!During a meeting of the economic bloc’s foreign ministers in Nizhny Novgorod, Russia, Lavrov stated that BRICS is “actively working to implement the decisions of last year’s Johannesburg summit, particularly focusing on enhancing the international monetary and financial system and developing a platform for settlements in national currencies in mutual trade.”
Lavrov also highlighted the bloc’s efforts to harmonize the interaction framework among BRICS partners. “Our agenda is extensive, addressing issues that will directly influence the future world order based on fair principles,” he said.
Earlier this month, Russian Finance Minister Anton Siluanov disclosed that BRICS finance ministers were considering a common blockchain-based system to facilitate financial transactions.
In January, Elvira Nabiullina, head of the Russian central bank, noted that the share of Russia’s transactions in national currencies with BRICS countries had surged to 85%, up from 26% two years ago. She also mentioned that more countries are becoming skeptical of SWIFT, following the exclusion of many Russian banks from the system due to the Ukraine conflict in 2022.
Originally comprising Brazil, Russia, India, China, and South Africa, BRICS expanded in early 2024 to include Iran, Ethiopia, Egypt, and the United Arab Emirates. Saudi Arabia, officially invited to join in 2023, expressed interest but was reportedly still considering membership. Argentina declined an invitation due to opposition from President Javier Milei.
Formed in 2009, the BRICS economic bloc positions itself as an alternative to Western-dominated international institutions. According to Statista, BRICS surpassed the G7 countries’ share of the world’s total GDP in terms of purchasing power parity in 2020. As of 2023, BRICS accounted for 32% of global GDP.
