Rio de Janeiro - Saba:
Russian Finance Minister Anton Siluanov announced the BRICS group's vision for building an independent financial system, stressing that relying on national currencies for trade has become the optimal option to ensure the security of financial transactions.
In an interview with RT on the sidelines of the BRICS summit in Rio de Janeiro, Siluanov said that sanctions have accelerated BRICS countries' efforts toward financial independence. He emphasized that trade settlements in national currencies provide BRICS countries with a reliable alternative to Western financial institutions, which can suspend transactions at any time.
The Russian minister added, "Experience has shown that Western financial institutions can disrupt transactions at any moment, while settlements in national currencies provide real guarantees of financial stability."
The Russian minister expressed his country's readiness to introduce mechanisms to mitigate the risks of sanctions, an issue discussed during a meeting of the governors of the New Development Bank, established by BRICS countries to meet the needs of developing countries.
Siluanov emphasized that these mechanisms "will completely exclude Western financial infrastructure and will ensure the protection of the New Development Bank from any external threats."
Commenting on the increasing use of national currencies in BRICS trade, Lavrov said that such settlements "have proven their reliability and independence from Western credit institutions, which, as it turns out, can suspend payments at any moment."
Siluanov stated that transactions are conducted through trusted banks, bypassing Western-controlled systems. He added that expanding these links is essential to maintaining trade volume and ensuring smooth settlements.
As a strong example, Siluanov cited trade with China, saying that trade volume has increased and is likely to continue growing. Bilateral trade reached $245 billion last year, with almost all settlements now conducted in rubles and yuan.
BRICS was founded in 2006 and comprises Russia, China, India, and Brazil. South Africa joined in 2011. Egypt, the UAE, Ethiopia, and Iran joined in early 2024, and Indonesia officially joined in January 2025.
Brazil assumed the presidency of the group this year, following Russia's presidency last year, and India will assume it next year.
It is worth noting that the New Development Bank was established by the BRICS countries based on an intergovernmental agreement signed during the group's sixth summit in Fortaleza in July 2014. The bank aims to finance infrastructure and sustainable development projects in BRICS countries and developing countries.
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