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BRICS’ own payment system is feasible, Russian Deputy Foreign Minister believes

According to Sergey Ryabkov, the group also needs clearing mechanisms and transaction insurance systems, including insurance for the movement of goods and cargoes

Russian Deputy Foreign Minister Sergey Ryabkov Donat Sorokin/TASS

Russian Deputy Foreign Minister Sergey Ryabkov

© Donat Sorokin/TASS

MOSCOW, December 17. /TASS/. Creating BRICS own system of payments and settlements is not hypothetical, but real, Russian Deputy Foreign Minister and BRICS Sherpa Sergey Ryabkov said in an interview with the TASS Analytical Center, summing up the results of Russia's chairmanship in the association.

"Not only it exists. It is not hypothetical," he said, commenting on feasibility of such a prospect.

When asked if Russia would join in if, for example, Brazil and Iran were ready to move from words to deeds in terms of creating a payment and settlement system, Ryabkov said: "Of course. Moreover, the others would join as well. This plan is now on the table and that will be implemented is not a pattern for dollar substitution in all settlements. It is a pattern for creating an additional circuit for work in conditions when the main and well known to all dollar channel is failing for reasons beyond the control of BRICS."

"I would like to add: the financial pattern as such - for all its importance - is not enough for the system to function properly. We also need clearing mechanisms - we are also working on them - transaction insurance systems, including insurance for the movement of goods and cargoes, which would also not depend on harmful external influences," the Deputy Foreign Minister noted.

According to the deputy minister, "all together this is the minimum that could allow the 'BRICS' to say that things have moved forward and a real alternative has emerged."

Tags

Foreign policy BRICS

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