The latest statement of Russian Foreign Minister Sergei Lavrov shows that countries outside the BRICS will also have access to the alternative payment platform that the bloc is developing.
TASS reported that after the meeting of the Council of Foreign Affairs of the Community of Independence (SNG), Mr. Lavrov emphasized: "There are a number of initiatives being considered within the BRICS framework, in which Brazil has proposed and is implementing the idea of building alternative payment platforms."
This is considered an important step of BRICS in forming an independent financial ecosystem, escaping dependence on Western mechanisms like Swift.
According to Russian Foreign Minister, even countries that have not yet joined BRICS will have the opportunity to use the BRICS payment system - unprecedented thing in the precedent of global financial alliance.
Mr. Lavrov revealed that 85% of trade transactions between Russia and SNG countries have used the local currency, showing that the non -USD trend is accelerating.
He also stated the possibility of forming independent payment systems, including the system of the central bank of Russia as a feasible option.
In this context, many experts say the move can make BRICS more attractive to developing countries, especially in Asia and Africa.
According to Ekaterina Arapova from Mgimo University, it was the trade wars that US President Donald Trump accidentally pushed many countries to seek a new economic order, in which BRICS emerged as a feasible option.
"Principle of covering is one of the core values of BRICS" - Ms. Arapova said at Valdai Club. "In the current context, this will encourage countries to join this coastal format as official members in the next few years."
According to her, countries like Thailand, Malaysia and a series of African countries are increasingly interested in joining BRICS - not only for economic benefits, but also for the desire to escape the dependence on old power centers.
