Ushakov told reporters yesterday, Thursday: “During our presidency of the BRICS group, we paid attention to intensifying the financial path within the group, and the Ministry of Finance, in cooperation with the Central Bank of Russia and the partners in BRICS, discussed a joint financial platform project, establishing the clearing infrastructure, and launching a unified reinsurance company.” Within the group.”
He stressed that launching the aforementioned tools will lead to expanding settlements in national currencies and reducing the costs of intra-regional trade.
He also indicated that the leaders of 24 countries will participate in the BRICS summit in Kazan, Russia, this month, where the leaders of all member states will attend the summit except Saudi Arabia, which will be represented by its foreign minister.
He stated that 32 countries will participate in the summit, in addition to representatives of influential institutions, stressing that all participants in the summit are under pressure from the West.
Regarding the Russian President’s agenda during the BRICS summit, Ushakov pointed out that President Vladimir Putin is scheduled to hold 20 bilateral meetings.
He will also deliver a speech at the BRICS Business Forum in Moscow on October 18, and some world leaders will deliver speeches via video to the forum’s participants.
“BRICS” is an international group that was created in the year 2006, and Russia has assumed its presidency since January 1, 2024. In addition to Russia, Brazil, India, China, and South Africa, Egypt, the Emirates, Saudi Arabia, Iran, and Ethiopia have joined “BRICS” since the beginning of this year.
A summit of the group is scheduled to be held in the capital of the Republic of Tatarstan, Kazan, between 22 and 24 October.
Source: RT
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A New Era for BRICS: Russia Unveils Plans for Unified Financial Platform
In a significant development for the BRICS group, Russia has announced plans to launch a unified financial platform, aimed at promoting intra-regional trade and reducing costs associated with transactions between member states. This move is set to take place during Russia’s presidency of the group, which began on January 1, 2024.
According to Yuri Ushakov, Russian President Vladimir Putin’s assistant, the Ministry of Finance has been working closely with the Central Bank of Russia and BRICS partners to establish a joint financial platform project. This initiative includes the creation of clearing infrastructure and a unified reinsurance company.
The launch of this platform is expected to increase settlements in national currencies and reduce the costs of intra-regional trade. This development could potentially shift the balance of economic power within the group, as well as globally.
The upcoming BRICS summit, scheduled to take place in Kazan, Russia, from October 22 to 24, will see the participation of leaders from 24 countries, with the exception of Saudi Arabia, which will be represented by its foreign minister. In total, 32 countries will be represented, along with key institutions.
President Putin is set to hold 20 bilateral meetings during the summit, in addition to delivering a speech at the BRICS Business Forum in Moscow on October 18. Other world leaders will also address the forum via video.
The expansion of BRICS, which now includes Egypt, the United Arab Emirates, Saudi Arabia, Iran, and Ethiopia, has significant implications for global economic dynamics. As the group continues to grow and strengthen, its influence is likely to extend beyond its member states.
The unified financial platform is a crucial step in achieving this goal, and its successful implementation will be closely watched by the international community. As BRICS continues to evolve, one thing is certain – its impact on the global economy will be substantial.
