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BRICS to create banking, financial system independent of West — Iranian envoy

"We should not make ourselves act in accordance with Western standards, which inflict damage on Global South countries as they are aimed solely at satisfying the demands of Western countries," Kazem Jalali said

DUBAI, October 22. /TASS/. BRICS member states may develop single mechanisms of banking cooperation and exchange of financial messages that will not depend on standards forced by the West, Iranian Ambassador to Moscow Kazem Jalali said.

"In the issue of the fight against terrorism, financial and banking sector, in the area of exchange of [financial] messages, the West has developed rules based on its biased standards. BRICS member states may create fair standards in this area for themselves and other countries interested in cooperation. We should not make ourselves act in accordance with Western standards, which inflict damage on Global South countries as they are aimed solely at satisfying the demands of Western countries," he was quoted as saying by the IRNA news agency.

The BRICS group was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining it in 2011. On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, became its full-fledged members. 2024 is the year of Russia’s chairmanship in the integration. The 16th BRICS Summit, which is the key event of Russia’s chairmanship, is being held in Kazan on October 22-24.

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Iran BRICS summit

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