NEW DELHI, June 14. /TASS/. The decision of the Group of Seven (G7) to allocate $50 bln to Ukraine from profits of frozen Russian assets until the end of this year will accelerate the development of an independent payment system by BRICS countries and a common currency use, Indian international security expert Melkulangara Bhadrakumar told TASS.

"G7 decisions on the use of Russian assets will accelerate BRICS decisions on the common payment system and currency," the expert said. It would be interesting to see how G7 leaders would explain to third countries invited to their summit that Russia is an exclusion and such practice would never be used against India, Turkey, Saudi Arabia or any other state, he noted.

"The specter of the 16th summit meeting of BRICS at Kazan (16-18 October) under the chairmanship of Russian President Vladimir Putin haunts the G7. Moscow has let it be known that if the past three years ended with the expansion of the BRICS, the new phase going forward will ensure that the participants in an expanded format create a viable structure," the expert said. An important topic of the BRICS summit will be creation of a common currency in the group, which will significantly simplify and expand economic relations of member-countries amid mounting pressure from the West, Bhadrakumar added.