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Russian Finance Minister Anton Siluanov said that the BRICS countries intended to create a 'cross-border payment' system for trade settlements outside the Western financial platform, during an interview with Russian media in Moscow on Tuesday.
"[It is] BRICS cross-border payment infrastructure. We want to create this system based on new technologies using digital financial assets so that it will be possible to settle trade outside the system of Western infrastructure," he said.
"We see that the share of the dollar in payments within BRICS countries is decreasing and the share of payments in national currencies is increasing. I think our proposal to use new technologies, digital financial assets will be promising. How quickly it will be implemented is a question of our agreements and our actions," he added.
Among the advantages of a new system, Siluanov emphasised that it was "modern, [based on] new technologies, it is cheaper for users of the relevant infrastructure, and payments are made faster".
The minister also claimed that the BRICS countries were developing several other financial projects, though stressed that creating a 'common currency' was not on the agenda.
"We have been working on creating a depository system for the BRICS countries. It is called BRICS Clear. It is also based on new distributed register technologies. I mean we want to create a system of securities accounting within our community similar to those that exist in Western countries, but which for Russia or a number of other countries have become limited in their possible use," Siluanov said.
"We are not considering the creation of a common currency. We are talking about the creation of an alternative financial settlement and payment system, where national currencies would be used, where digital financial assets and digital currencies of the countries of our association would be used," he added.
The 16th BRICS Summit takes place in Kazan from October 22-24.
Russia has held the BRICS presidency since January 1, 2024, when five more countries - Egypt, Iran, UAE, Saudi Arabia, and Ethiopia - were invited to become full members.
BRICS seeks to create 'cross-border payment infrastructure' for settlements outside Western system - Russian FinMin Siluanov
Russian Finance Minister Anton Siluanov said that the BRICS countries intended to create a 'cross-border payment' system for trade settlements outside the Western financial platform, during an interview with Russian media in Moscow on Tuesday.
"[It is] BRICS cross-border payment infrastructure. We want to create this system based on new technologies using digital financial assets so that it will be possible to settle trade outside the system of Western infrastructure," he said.
"We see that the share of the dollar in payments within BRICS countries is decreasing and the share of payments in national currencies is increasing. I think our proposal to use new technologies, digital financial assets will be promising. How quickly it will be implemented is a question of our agreements and our actions," he added.
Among the advantages of a new system, Siluanov emphasised that it was "modern, [based on] new technologies, it is cheaper for users of the relevant infrastructure, and payments are made faster".
The minister also claimed that the BRICS countries were developing several other financial projects, though stressed that creating a 'common currency' was not on the agenda.
"We have been working on creating a depository system for the BRICS countries. It is called BRICS Clear. It is also based on new distributed register technologies. I mean we want to create a system of securities accounting within our community similar to those that exist in Western countries, but which for Russia or a number of other countries have become limited in their possible use," Siluanov said.
"We are not considering the creation of a common currency. We are talking about the creation of an alternative financial settlement and payment system, where national currencies would be used, where digital financial assets and digital currencies of the countries of our association would be used," he added.
The 16th BRICS Summit takes place in Kazan from October 22-24.
Russia has held the BRICS presidency since January 1, 2024, when five more countries - Egypt, Iran, UAE, Saudi Arabia, and Ethiopia - were invited to become full members.
No access EU media/EU territory. For further info please contact Client Service
Russian Finance Minister Anton Siluanov said that the BRICS countries intended to create a 'cross-border payment' system for trade settlements outside the Western financial platform, during an interview with Russian media in Moscow on Tuesday.
"[It is] BRICS cross-border payment infrastructure. We want to create this system based on new technologies using digital financial assets so that it will be possible to settle trade outside the system of Western infrastructure," he said.
"We see that the share of the dollar in payments within BRICS countries is decreasing and the share of payments in national currencies is increasing. I think our proposal to use new technologies, digital financial assets will be promising. How quickly it will be implemented is a question of our agreements and our actions," he added.
Among the advantages of a new system, Siluanov emphasised that it was "modern, [based on] new technologies, it is cheaper for users of the relevant infrastructure, and payments are made faster".
The minister also claimed that the BRICS countries were developing several other financial projects, though stressed that creating a 'common currency' was not on the agenda.
"We have been working on creating a depository system for the BRICS countries. It is called BRICS Clear. It is also based on new distributed register technologies. I mean we want to create a system of securities accounting within our community similar to those that exist in Western countries, but which for Russia or a number of other countries have become limited in their possible use," Siluanov said.
"We are not considering the creation of a common currency. We are talking about the creation of an alternative financial settlement and payment system, where national currencies would be used, where digital financial assets and digital currencies of the countries of our association would be used," he added.
The 16th BRICS Summit takes place in Kazan from October 22-24.
Russia has held the BRICS presidency since January 1, 2024, when five more countries - Egypt, Iran, UAE, Saudi Arabia, and Ethiopia - were invited to become full members.