Russia calls for integrating BRICS payment systems By Reuters


© Reuters. FILE PHOTO: Russian Finance Minister Anton Siluanov attends a meeting with members of the government in Moscow, Russia March 12, 2020. Sputnik/Dmitry Astakhov/Pool via REUTERS

(Reuters) – Russia, hit by Western sanctions, has called on the BRICS group of emerging economies to extend the use of national currencies and integrate payment systems, the finance ministry said on Saturday.

Sanctions have cut Russia off from the global financial system and from nearly half of its gold and foreign exchange reserves, which stood at $606.5 billion in early April.

On Friday, Finance Minister Anton Siluanov told a ministerial meeting with BRICS, which consists of Brazil, Russia, India, China and South Africa, that the global economic situation had worsened substantially due to the sanctions, the ministry’s statement said.

The new sanctions also destroy the foundation of the existing international monetary and financial system based on the U.S. dollar, Siluanov said.

“This pushes us to the need to speed up work in the following areas: the use of national currencies for export-import operations, the integration of payment systems and cards, our own financial messaging system and the creation of an independent BRICS rating agency,” Siluanov said.

International payment cards Visa (NYSE:) and MasterCard suspended operations in Russia in early March and Russia’s biggest banks have lost access to the SWIFT global banking messaging system.

Russia set up its own banking messaging system, known as SPFS, as an alternative to SWIFT. Its own card payment system MIR began operating in 2015.

They were part of Moscow’s efforts to develop homegrown financial tools to mirror Western ones, to protect the country in case penalties against Moscow were broadened.

The finance ministry said BRICS ministers have confirmed the importance of cooperation in efforts to stabilise the current economic situation.

“The current crisis is man-made, and the BRICS countries have all necessary tools to mitigate its consequences for their economies and the global economy as a whole,” Siluanov said.



Source link

Related articles

Motorola Razr Extremely at a record-low worth, with free 1TB improve!

Ryan Haines / Android AuthorityThis is able to be my best choice if I have been trying to get a flip cellphone. The Motorola Razr Extremely pushes the boundaries of what we thought...

What Does Ripple CTO’s Resignation Imply For The XRP Worth? Neighborhood Speculates

Trusted Editorial content material, reviewed by main trade specialists and seasoned editors. Advert Disclosure With Ripple Chief Know-how Officer (CTO) David Schwartz asserting plans to resign, group members have begun to invest what this...

investingLive Americas FX information wrap 3 Oct: Nonmanufacturing information blended. USD largely decrease.

Day 3 of the federal government shutdown with no settlement in sight. Senators left for the weekend and won't return till Monday.The US greenback was largely decrease. Versus the key currencies, the US...

You Nonetheless Want A Design System — Now Extra Than Ever

Design is within the information rather a lot as of late. The US authorities not too long ago created...

Tales from the AI hiring frenzy

That is an excerpt of Sources by Alex Heath, a e-newsletter about AI and the tech business, syndicated only for The Verge subscribers as soon as per week.The billboard didn’t say “Pay attention...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com