BRICS to advance mutual payment mechanisms – Russian minister

Significant advancements in mutual payment mechanisms among BRICS nations are anticipated following the upcoming summit in Kazan, according to Russian Deputy Foreign Minister Sergey Ryabkov.

In an interview with the Serbian newspaper Politika, Ryabkov expressed optimism about the outcomes, stating that the summit will mark a “not very small first step” towards enhancing financial cooperation among member countries.

While the diplomat emphasised the importance of these developments, he cautioned that no “huge leap forward” should be expected.

He highlighted that the progress will be gradual and based on consensus among the BRICS nations. Ryabkov also noted that there remains a considerable distance to cover, transitioning from national currency payments to the eventual establishment of a unified BRICS currency.

Attribution: TASS

Subediting: M. S. Salama