Russian finance minister states national currencies free BRICS from Western pressure
(MENAFN) Using national currencies in trade allows BRICS nations to reduce dependence on Western financial systems that could abruptly block transactions, Russian Finance Minister Anton Siluanov stated on Sunday.
Speaking at the 17th BRICS summit in Rio de Janeiro, Siluanov emphasized that the bloc is moving toward more secure and autonomous financial practices, particularly after Western sanctions froze Russia’s dollar and euro reserves following the escalation of the Ukraine conflict in 2022.
During a meeting of the New Development Bank (NDB) governors, Siluanov highlighted that Moscow is ready to propose tools that avoid Western financial infrastructure and the use of currencies from sanction-imposing countries. This would help protect the NDB from geopolitical risks, he said.
Siluanov noted that settling trade in national currencies has already shown to be effective and independent of Western banking institutions. He said payments are increasingly being routed through trusted banks with direct correspondent accounts, avoiding reliance on systems like SWIFT.
After Russia was disconnected from SWIFT in 2022, it and its trade partners began adopting alternative transaction platforms and favoring local currencies. Siluanov pointed to Russia-China trade as an example, noting bilateral turnover reached $245 billion last year, with nearly all transactions conducted in rubles and yuan.
Founded in 2006, BRICS includes Brazil, Russia, India, China, and South Africa, with Egypt, Ethiopia, the UAE, and Indonesia joining more recently. Last year, the group introduced a new “partner country” status to accommodate rising interest from over 30 other nations.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
