For the summit of the association in Kazan, a report on the possibilities of creating alternative payment platforms for payments between the BRICS member countries should be prepared. This is what Russian Foreign Minister Sergey Lavrov said in an interview with the TV channel Sky News Arabia.
The head of the Russian diplomatic service recalled that at the BRICS summit in August 2023 in Johannesburg, Brazilian President Luiz Inacio Lula da Silva presented for consideration an initiative to create an alternative payment system for all association members and stakeholders.
"The instruction (to develop alternative payment systems) is written for the summit in Kazan, which will be chaired by Russian President Vladimir Putin,”, Lavrov noted. “We need to get a report from the finance ministers and central banks of the BRICS countries on how to create alternative payment platforms.“
The Russian Foreign Minister also drew attention to the growth of Russia's trade with other countries in national currencies. “With the People's Republic of China, more than 90% of our trade turnover is done in national currencies without using the dollar. In trade relations with India, this figure reaches 60%, he noted. “We are starting to transition to these forms of interaction with most countries.“
„It is clear that the US continues to print dollars and, at the expense of these low-income notes, continues its policy of economic pressure on other countries. But this era is already coming to an end”, concluded Lavrov.
The association BRICS was established in 2006 by Brazil, Russia, India and China, and South Africa joined in 2011. On January 1, 2024 Egypt, Iran , UAE, Saudi Arabia and Ethiopia became full members of the group. This year, the Russian Federation chairs the association. The main event of 2024 for BRICS will be the summit, which will be held in Kazan in the second half of October.