Russian Finance Minister Anton Siluanov highlighted the importance of building a robust financial infrastructure to foster trade and economic growth among BRICS nations.
Speaking to journalists, Siluanov revealed that Moscow is actively working on new financial instruments within the BRICS framework, including a cross-border payment system.
“At the BRICS platform, we are considering our various financial innovations, including a cross-border payment system, which can be based, in addition to bilateral settlements, on national currencies, taking into account digital technologies and digital financial assets. <…> Building a financial infrastructure is very important for the development of trade and the economies of our countries,” Siluanov said.
The push for an alternative payment system comes in response to Western sanctions, particularly the exclusion of Russian banks from the SWIFT network. In light of this, BRICS nations have been accelerating efforts to develop independent financial solutions to reduce reliance on Western financial systems.
Siluanov emphasized that these innovations are crucial for strengthening economic ties among BRICS countries.
“Building a financial infrastructure is very important for the development of trade and the economies of our countries,” he noted.
In addition to his remarks on financial systems, Siluanov also shared positive news regarding Russia’s fiscal outlook, stating that the country’s budget deficit would be smaller in 2025 compared to the previous year. He noted that the ratio of the budget deficit to GDP, which stood at 1.7% last year, is expected to drop to 0.5% this year, signaling an improving financial situation for Russia.
