Russian president hints at separate BRICS payments framework, mentions 'certain difficulties'

On September 26, speaking at the Russian Energy Week Forum, President Vladimir Putin said that member countries of the BRICS group of leading emerging economies are jointly developing a separate payment framework for use in trade transactions within the bloc.

Tổng thống Nga hé mở về khuôn khổ thanh toán riêng của BRICS, nhắc đến 'một số khó khăn nhất định'

Russia is actively switching to using national currencies in transactions with BRICS countries. (Source: Sputnik)

President Putin stressed that supplying Russia's oil and gas to "friendly countries" helps the country ensure economic stability and compete more successfully in the global market.

However, the leader admitted, there are still "certain difficulties" when it comes to foreign countries paying for Russian energy.

Specifically, the country has been removed from the international banking system SWIFT - part of the comprehensive sanctions imposed by the West on Moscow in connection with the special military operation in Ukraine.

"As part of cooperation with BRICS countries, we are working to create our own payment and transaction system," Putin revealed.

According to the head of Russia, this will create conditions for member states to conduct trade effectively and independently. Moscow is actively switching to using national currencies in transactions with BRICS countries.

President Putin affirmed: "Our partners are extremely interested in this."

Regarding the share of the ruble, he said that in foreign trade activities, the use of the Russian national currency increased almost three times in the period 2021-2023. In the first half of 2024, this share reached 39.4%.

Moscow will host the BRICS Summit in Kazan from October 22-24.

BRICS originally comprised Brazil, Russia, India, China and South Africa. Earlier this year, Iran, Egypt, Ethiopia and the United Arab Emirates (UAE) officially became new members of the group.

Source: https://baoquocte.vn/tong-thong-nga-he-mo-ve-khuyen-kho-thanh-toan-rieng-cua-brics-nhac-den-mot-so-kho-khan-nhat-dinh-287887.html