Moscow: The BRICS countries are accelerating the transition to settlements in national currencies
Russian Deputy Foreign Minister Sergei Ryabkov said on Friday, that the BRICS countries are accelerating the issue of moving to settlements in national currencies, but it is still difficult to talk about a unified currency for the group.
The Russian Deputy Foreign Minister’s remarks came in an interview with the Russian “Megdonna Narodnaya Jizan” (International Life) magazine on Friday.
Ryabkov added, “It’s clear to the BRICS group that Washington and its allies are using the dollar as a weapon to put pressure on other countries”.
He explained that the West’s attempts to restrict Russian exports and prevent financial transactions encourage many countries to consider alternatives to the US dollar.
However, at the same time, Ryabkov indicated that so far it is not possible to talk about a single currency of the BRICS group.
Ryabkov also pointed out that work on the BRICS-Pay payment system, which the BRICS Business Council put forward the idea of establishing, is under implementation and is on the agenda.
He added, “I am confident that, eventually, a BRICS Pay system will be established, which will help carry out the relevant transactions”.
The BRICS group includes Russia, China, Brazil, India and the Republic of South Africa, with a total population of 3.21 billion which constitutes about 42% of the world’s population.
The BRICS countries are located on 26.7% of the world’s land area and contributes about 31.5% of the world’s total output.