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Creating new global financial system is irreversible – Russian Foreign Ministry

Mechanisms for settlements in national and alternative Western currencies have been successfully created with some states, said Alexander Pankin, deputy head of the department

MOSCOW, August 20. /TASS/. Creating a financial system for a multipolar world is already an irreversible process, Russia’s Deputy Foreign Minister Alexander Pankin said in an interview with TASS.

"Mechanisms for settlements in national and currencies other than Western ones have been successfully created with a number of nations, and the possibility of paying in rubles for certain categories of Russia's export goods, including energy and food products, has been set up. The BRICS, SCO, and other international platforms have intensified their multilateral discourse on the subject," he said.

"This not only solves the tasks of ensuring Russia’s foreign trade operations, but lays the groundwork for the financial system of the multipolar world. In a certain sense, this process is already irreversible," the diplomat added.

Back in June, Russian President Vladimir Putin said that creating an international reserve currency based on the currencies of the BRICS countries (Brazil, Russia, India, China, and South Africa) was in the works.

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