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| Russia calls for integrating BRICS payment systems |
| Moscow, 12.04.2022 |
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| 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. https://www.reuters.com/business/finance/russia-calls-integrating-brics-payment-systems-2022-04-09/
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