Russian Deputy Foreign Minister Believes in BRICS' Own Payment System

(CLO) Russian Deputy Foreign Minister and Head of the BRICS Delegation, Mr. Sergey Ryabkov, affirmed that building a separate payment and transaction system for BRICS is completely feasible.

In an interview with the TASS Analytical Center, Ryabkov shared the results of Russia's BRICS presidency, and also confirmed the feasibility of creating a separate payment system for BRICS.

“It not only exists, it is entirely possible. This is not a hypothesis,” he said, commenting on the feasibility of such a scenario.

Russian Deputy Foreign Minister Sergey Ryabkov. Photo: Information and Press Department of the Russian Foreign Ministry

Asked whether Russia would join the initiative if countries like Brazil and Iran decided to move forward with creating their own payment system, Ryabkov replied: "Of course. Moreover, many other countries will join."

"Currently, this plan being discussed and implemented is not intended to replace the US dollar in all transactions, but to build a complementary model that will help maintain operations when familiar US dollar payment channels fail for reasons beyond the control of BRICS," he added.

He also stressed that such a financial system, while important, is not enough to ensure normal functioning. "We need additional clearing mechanisms, which we are also working on, along with a system of transaction insurance, protecting the transportation of goods, in order to avoid negative external influences," the Russian Deputy Foreign Minister stressed.

“All of these are the minimum elements for BRICS to be able to confidently say that progress has been made and a real alternative has emerged,” he said.

Ngoc Anh (according to TASS, Interfax)

Source: https://www.congluan.vn/thu-truong-ngoai-giao-nga-tin-he-thong-thanh-toan-brics-la-kha-thi-co-the-thay-usd-khi-can-thiet-post326185.html