Chairwoman of the Russian Federation Council (Russian Senate) Valentina Matvienko said that the BRICS group of emerging economies is moving towards an independent digital payment platform called BRICS Bridge.
This platform can reduce dependence on Western organizations, especially in the context of Russia being imposed with countless sanctions and cut off from the international payment system SWIFT .
TASS quoted President of the Russian Federation Council Valentina Matvienko as saying that the BRICS digital payment platform is progressing steadily.
“The creation of the independent financial settlement platform BRICS Bridge - an independent common payment system on a solid common platform - is being discussed within BRICS. I spoke with both the Central Bank of Russia and the Ministry of Finance of Russia. Everything is going well" - Ms. Matvienko said.
The President of the Russian Senate emphasized that the above initiative is also being discussed with colleagues from the Central Banks and Ministries of Finance of all BRICS countries, including new members. Russia — as the current BRICS chair — is overseeing the initiative, she said.
"If successful, it will be a global blockbuster, in the best sense" - Ms. Matvienko said.
The Chairman of the Russian Federation Council predicted that this issue will be discussed at the summit of BRICS heads of state in Kazan, Russia next October.
“Perhaps then it will be approved, or at least discussions will lead to a decision on when and what format should be finalized. That means this is no longer just an idea but is progressing in reality" - Ms. Matvienko emphasized.
Faced with sanctions and cut off from SWIFT, the Central Bank of Russia set up its own payment system, which has now been adopted by many countries. Ms. Matvienko commented optimistically: "There is always light at the end of the tunnel."
Mr. Alexander Babakov, Deputy Chairman of the Russian State Duma (Russia's lower house of parliament), recently emphasized the need for a BRICS alternative to the SWIFT payment system to reduce dependence on Western institutions and simplify non -USD transactions .
Meanwhile, BRICS is also considering Iran's proposal to link all member countries' payment systems, strengthening financial sovereignty with sanctions-resistant infrastructure. .
Discussions included financial market integration, use of national currencies for payments and new mechanisms for joint payments - according to Russian Deputy Foreign Minister Andrey Rudenko.
