KAZAN, October 23. /TASS/. BRICS member states should reduce their dependence on the global domination of financial systems created by the West, Iranian President Masoud Pezeshkian said at an extended meeting of the BRICS summit.

"We should not continue depending on Western payment systems. This is a big threat," he said and called for "creating alternative possibilities" in this field.

"Iran will do everything for the BRICS group to successfully promote the task of reforming the structure of global economic management and creating alternative possibilities for Global South countries away from politics and geopolitical conflicts," the president added. "As new countries join them, BRICS institutes such as the New Development Bank and the Reserve Fund should assume more responsibility in financing their projects," he noted.

The 16th BRICS Summit, which is the key event of Russia’s chairmanship in the association, is being held in Kazan on October 22-24. 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. The Kazan summit is the first to be attended by the new members of the association.