MOSCOW, April 28. /TASS/. National currencies accounted for 90% of Russia’s settlements with BRICS nations last year, Russian Foreign Minister Sergey Lavrov said in an interview with the Brazilian newspaper O Globo.
"We have been working within BRICS to ensure that there are no disruptions when carrying out payments and have been quite effective in our efforts. To give you an example, the rouble and currencies of our friendly countries accounted for 90% of Russia’s settlements with BRICS countries in 2024," he said.
Against the backdrop of an accelerating trend in the fragmentation of the global economy, it is quite natural for the countries of the Global South and East to reduce the share of Western currencies in their mutual settlements, the minister added. "No one wants to suffer from sanctions, considering that the West has been imposing them on undesirable countries by exploiting its monopoly on financial markets. Using reserve currencies as a competitive tool is unacceptable. Payment transactions can be blocked for political reasons, even when dealing with supplying socially important goods," he noted.
Establishing resilient payment mechanisms is also among Russia’s priorities, Lavrov said. "Adopted in Kazan, the declaration of the BRICS 2024 Summit mentions the Trans-Border Payment Initiative, as well as payment and clearing infrastructure, a re-insurance company, and the New Investment Platform. These initiatives are designed to create favourable conditions for increasing trade and investment within BRICS. Russia hopes that we will continue working on these projects this year as part of Brazil’s chairmanship," he explained.
Brazil took over BRICS presidency from Russia on January 1, 2025. The 16th BRICS Summit held in Kazan was the key event of Russia’s chairmanship in the association.