A tighter integration between the economic systems of the countries of the BRICS bloc is brewing. The Islamic Republic of Iran is seeking the implementation of a system to integrate all existing payment systems of all countries of the BRICS bloc, which includes Brazil, Russia, India, China, South Africa, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).

Nasser Kanani, a spokesperson for the Ministry of Foreign Affairs of the Islamic Republic of Iran, reinforced the need and opportunity for the creation of such a system given the geopolitical conditions. At a press conference, Kanani referred to the recent integration of the Russian and Iranian payment systems and how this might be extended to the whole block.

Kanani stated:

The necessary conditions have been created to transfer trade payments to national currencies, we continue to talk, at which Iran expressed its proposal to the Russian side – to extend this mechanism for the BRICS countries.

Kanani stressed that the Russian side saw this proposal positively. However, to achieve this goal, significant support and cooperation will have to be established by all BRICS nations. The completion of the integration work between the Russian Mir and the Iranian Shetab systems involves joint settlements and ATM withdrawals using cards from both countries, and it will be enabled next August in its first phase. This would be the kind of integration Iran seeks for the bloc.

Last month, Ministers of Foreign Affairs of the BRICS countries declared in favor of enhancing the use of national currencies for trade and financial transactions between these nations.

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