BRICS will create an independent payment system

An independent payment system will be created within the framework of the BRICS, the news was announced at the St. Petersburg International Economic Forum (SPIEF):

"The BRICS is working on the formation of an independent payment system that is not subject to political pressure, abuse and external sanctions interference"

According to the President of Russia, the country will continue to increase settlements in national currencies with other states. In 2023, the share of payments for domestic goods in the currencies of unfriendly countries has halved. The share of ruble payments in export and import transactions is approaching 40%, he added.

The BRIC Association was created within the framework of the St. Petersburg International Economic Forum in 2006 by Brazil, Russia, India and China. The first summit of the Union was held in 2009 in Yekaterinburg. In 2010, South Africa joined the union, and the union became known as BRICS.

In the summer of 2023, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates were invited to the organization. However, Argentina refused to join the BRICS. The decision was made by the new president of the country, who called it more expedient to develop relations with the United States and Israel.

In early March, the Russian presidential aide said that an important goal of the BRICS is to create an independent payment system based on digital currencies and blockchain. It is necessary that the system "would not require serious costs and would be outside politics," he noted.