Russia to establish cross-border payment system within BRICS

Russian Finance Minister Anton Siluanov grimaces during the plenary session of the Supreme Council of Russia and Belarus, at the Konstantin Palace on January 29, 2024, in Saint Petersburg, Russia [Contributor/Getty Images]

Russian Finance Minister Anton Siluanov has revealed that Moscow is working on various financial instruments within the BRICS group, including establishing a cross-border payment system among its member states, Anadolu has reported.

In a press statement on Wednesday, Siluanov stressed the importance of developing a financial infrastructure to support trade and economic growth within BRICS states.

BRICS was founded in 2006 by Brazil, Russia, India and China, with South Africa joining in 2011. On 1 January 2024, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Indonesia also become members.

Siluanov mentioned that the proposed international payment system for BRICS nations might rely on national currencies, emphasising their close monitoring of technological developments in this field.

Western sanctions on Russian banks through the SWIFT system have intensified recently due to the ongoing war in Ukraine, prompting Moscow to explore alternative international payment systems.

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