Russian Presidential Aide Comments on Launch of BRICS Unified Financial Platform

Russian Presidential Aide Yuri Ushakov said that the launch of a unified financial platform and two clearing and reinsurance systems by the BRICS group will expand the scope of settlement in national currencies among member states.

“During the BRICS presidency, we will focus on strengthening the financial track within the group, and the Finance Ministry will work with the Central Bank of Russia and BRICS partners on the project of a common financial platform, create a clearing infrastructure and discuss the launch of a unified reinsurance company within the group,” Ushakov told reporters on Thursday.

The prime minister stressed that the launch of the above-mentioned financial instruments will lead to increased settlement in national currencies and reduce the costs of intraregional trade.

He also mentioned that the BRICS summit to be held this month in the Russian city of Kazan will be attended by leaders of 24 countries, all of which are members except for Saudi Arabia, which will be represented by the foreign minister.

The Russian prime minister noted that 32 countries will attend the summit, in addition to representatives of influential organizations, stressing that all countries attending the summit are under pressure from Western countries.

Regarding the Russian President's agenda during the BRICS summit, Mr. Ushakov said that President Putin will hold 20 bilateral meetings.

President Putin will also address the BRICS Business Forum in Moscow on October 18, and world leaders will address the forum participants via video.

BRICS is an international grouping established in 2006, and Russia will chair it from January 1, 2024. In addition to Russia, Brazil, India, China and South Africa, Egypt, the United Arab Emirates, Saudi Arabia, Iran and Ethiopia joined the BRICS group earlier this year.

The BRICS summit is scheduled to be held in Kazan, the capital of the Republic of Tatarstan, from October 22 to 24.