During the Russian Energy Week Forum in Moscow, President Vladimir Putin said on Thursday that Russia is collaborating with BRICS nations to develop an independent payment and settlement system for foreign trade.

Putin emphasized that this initiative aims to ensure efficient and independent handling of foreign trade transactions. He was quoted by Tass as stating:

We are working within the framework of cooperation with BRICS countries on creation of our own payment and settlement configuration, which will create conditions for efficient and independent servicing of the entire foreign trade.

This system, according to the Russian leader, would enhance the overall service of foreign trade dealings.

The 7th Russian Energy Week, which is supported by the Russian Government, the Ministry of Energy, and the Moscow Government, served as the platform for this announcement. The creation of this new payment system marks a strategic move by Russia, especially amid international economic changes, and highlights the growing economic cooperation between BRICS members, which currently comprise Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and United Arab Emirates (UAE).

Russian Foreign Minister Sergey Lavrov recently stated that a report on alternative payment systems for BRICS nations will be presented at an upcoming summit in Kazan. The initiative, led by Brazilian President Lula da Silva, aims to reduce dependence on traditional financial platforms.

Moreover, Russia is working to establish independent interbank networks and payment systems within BRICS to enhance the bloc’s financial influence, focusing on expanding cross-border settlements and national currency usage to reduce reliance on Western financial institutions. These efforts have gained traction during Russia’s BRICS presidency, attracting interest from nations seeking alternatives to the dollar and euro.

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