Russia’s BRICS Sherpa and Deputy Foreign Minister Sergey Ryabkov revealed on Friday that Moscow is focusing on establishing sustainable correspondent interbank networks and payment systems within the BRICS economic bloc, Tass reported. These efforts are aimed at strengthening the bloc’s role in the global financial system, especially during Russia’s presidency of the organization.

Ryabkov said:

We are actively looking for new methods of cross-border settlements, creating reliable and sustainable payment systems and correspondent interbank networks, expanding the use of national currencies of BRICS countries in mutual trade.

He emphasized that “one of the tasks of the Russian presidency remains to strengthen the role of the BRICS countries in the international monetary and financial system.”

Additionally, Ryabkov noted that Russia is “working on further measures to comprehensively implement the strategy of the BRICS economic partnership and the action plan for innovative cooperation.” The initiative reflects Moscow’s push to reduce reliance on Western financial systems and promote alternative payment mechanisms within BRICS.

Russian Foreign Minister Sergey Lavrov echoed Ryabkov’s statements, noting that payment platforms being developed within BRICS are attracting increasing interest from other nations. Lavrov highlighted that these platforms allow countries to engage in economic activities without dependence on the dollar or euro, which have been used as political tools.

Noting that BRICS payment platforms offer independence from Western currencies, he opined:

Many are attracted by the fact that payment platforms are being developed within BRICS.

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