ST. PETERSBURG, July 12. /TASS/. Russia, together with its foreign partners, intends to increase the use of national currencies in foreign trade payments and improve the safety and efficiency of such transactions, Chairman of Russia’s Federation Council Valentina Matvienko said at the plenary session of the X BRICS Parliamentary Forum.
"From 2021 to 2023, the share of the ruble in payments for Russian exports increased by almost threefold to 39%. Overall, our country has increased the use of national currencies in payments with friendly countries to 75%. And from now on, together with foreign partners, we will increase the use of national currencies in foreign trade payments, increase the security and efficiency of such operations," she said.
She noted that under the conditions of sanctions, Russia has already gained significant experience in developing trade with friendly countries in national currencies. According to Matvienko, last year the share of payments for Russian exports "in the so-called toxic currencies of unfriendly states decreased by half."
She recalled that in accordance with the decisions of last year's summit in South Africa, BRICS is working on forming an independent payment system, which would not be subject to political pressure, abuse, and external sanctions interference. She noted that the result of such work could be the creation of a multilateral digital settlement and payment platform BRICS Bridge, "which will help bring together the financial markets of BRICS member countries and increase mutual trade turnover. "In this case, digital currencies of the central banks of the association countries can be used, the rate of which will be tied to the value of national currencies. In addition, this digital settlement and payment platform will be decentralized and none of the participants will be able to limit the actions of the others," Matvienko said.
She added that if the initiative proposed by Russia is approved, the BRICS countries "will be required to coordinate legislative work on the introduction of a national digital currency into circulation and its use in cross-border payments.".