ST. PETERSBURG, June 4. /TASS/. Russian Foreign Ministry will assist in establishment of the BRICS court of arbitration, which is very important in the current political reality, Russian Deputy Foreign Minister Alexander Pankin said during the St. Petersburg International Economic Forum.

"In the current situation, the establishment of some such instrument, that enjoys trust that has advantages, that is being implemented voluntarily, via a convention or some other method - it is very important. Here, the political dialogue is imposed on the expert and legal dialogue. On our side, the [Russian] Foreign Ministry will assist [this work] in all ways possible," the Deputy Foreign Minister said.

Pankin noted that it is necessary to take interests of all partners, their realities, internal and external factors into consideration during the development of such mechanism. Besides, the diplomat noted that it is necessary to build on trust between partners and trust to the system itself, besides the principle of voluntariness.

"It was said that there are different degrees of trust to the system - both to the internal, national one, and the international one, where despite the apparent correctness of the system its staffing with particular people does not always ensure trust from the standpoint of honesty, fairness, impartiality and integrity," he said.

"It is not a lack of trust to the Anglo-Saxon system, this system is perfected, probably. This is a lack of trust to its implementation in the current conditions. The Russian Foreign Ministry can talk at length here: sanctions, trade restrictions coming out of the blue; it is unclear: grey zones, white patches, be it force-majeure or not. We have gone away from classic trade and investment operations of 50 years ago, even the post-War ones".

Besides, according to the diplomat, BRICS member states must not only agree on the future arbitration instrument, but also receive full feedback from partners.