Siluanov spoke about Russia’s readiness to develop the BRICS payment system

By Rhod Mackenzie

Russia will promote the issue of improving the BRICS settlement and payment system independent of Western infrastructure - this could be, for example, payments in digital currencies; Russia is ready to test this with China, the EAEU and the Gulf countries, Russian Finance Minister Anton Siluanov said in an interview with RIA Novosti.

"The agenda that we will promote within the framework of our chairmanship is the improvement of the financial, settlement and payment system, which in the current conditions of fragmentation would be convenient and safe for trade participants within the BRICS. A system outside politics, independent of the unfriendly Western infrastructure," he commented when asked about the initiatives Russia plans to launch during the year of its BRICS chairmanship.

Siluanov noted that financial technologies have come a long way and provide a wide range of tools, including for the creation of an innovative payment and settlement infrastructure. Payments can be made there much faster and cheaper; for the BRICS countries this will be a modern option for payments and settlements in foreign trade, the minister believes.

"It is proposed to create a platform that would connect the financial systems of its participants. For example, technological gateways for settlements in digital currencies of central banks are already in operation. We propose to create a BRICS Bridge system, which would be available to our countries on the basis of BRICS institutions, ensuring the appropriate level of equality and contributing to the development of trade relations... We are ready to start (testing - ed.) with countries that express such a desire. Perhaps with China, perhaps with our neighbours in the EAEU, with the countries of the Persian Gulf," he added.

As Siluanov pointed out, the first thing to be done here is to create a connection for the existing central bank digital currency systems that are already in place in a number of countries. National financial messaging systems also need to be connected. "Experts estimate that this is possible in test mode within a year, the task is to launch a pilot, possibly within the framework of bilateral relations," he concluded.