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BRICS common payment unit to become matter for future — Russian MFA

At this stage, the BRICS member states’ efforts are focused on the formation of conditions for expansion of settlements in national currencies, Sergey Ryabkov noted

MOSCOW, August 25. /TASS/. Russia expects no miracles to happen in terms of movement to the formation of the common payment unit across BRICS, Deputy Foreign Minister Sergey Ryabkov told a news conference on the results of the BRICS summit in South Africa, adding that it is a matter for the future.

"The common payment unit is the next step. I don’t think that we should expect miracles from BRICS nations in terms of crossing any historical distances in the shortest time possible," he said. "There will be more results on that path," Ryabkov added.

"The European Union moved towards common currency for several decades. The age of BRICS today is around 15 years. I think within 15 years the stage will be reached when we discuss it practically, when leaders give respective instructions to finance ministers, when we see how many ideas, creative ideas are received from the side of the academic community as well, not only practical financiers in this respect," he explained.

At this stage, the BRICS member states’ efforts are focused on the formation of conditions for expansion of settlements in national currencies, the diplomat noted.

The summit of BRICS members took place in Johannesburg from August 22 to 24. It has become the largest meeting of heads of states and governments of the Global South over the past few years, with leaders of 54 African countries among those invited. The participants of the summit agreed that the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates would become full members of BRICS from January 1, 2024.

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BRICS Sergey Ryabkov

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