Africa: Brics Working On Own Payment

Moscow. — The BRICS countries are working to create their own international payments system as platforms which operate using Western infrastructure are becoming increasingly politicised, Russian Finance Minister Mr Anton Siluanov said yesterday.

The unprecedented sanctions campaign against Moscow spearheaded by the US has forced Russia and other members of the economic group to look for ways to pursue trade despite the restrictions.

The new cross-border payment infrastructure will be based on new technologies and will enable faster and cheaper foreign trade transactions that are free from external interference, Mr Siluanov said.

“Our task is to create our own independent system, given the largely political decisions of the West,” said the minister, referring to the work undertaken by BRICS finance ministries and central banks.

“BRICS is beyond politics, beyond any pressures and restrictions. Its aim is to stimulate economic growth and boost the income of our citizens,” the minister explained.

The new system will use national currencies and digital currencies, added Mr Siluanov.

Russia’s leading banks were excluded from the SWIFT international payment system starting in 2022 as part of sweeping sanctions imposed on Moscow by the West over the Ukraine conflict.

According to Mr Siluanov, the BRICS countries will continue to reduce the share of the US dollar in mutual settlements in favour of national currencies, and also introduce digital financial assets in the future.

Many Global South countries have registered their interest to join the bloc, with five countries joining in January to bring the total to ten. – RT.com