Russian presidential aide Yury Ushakov announced new BRICS initiatives to increase the use of national currencies in trade, backed by financial infrastructure developments like a BRICS-wide platform and special clearing systems. This move aims to simplify transactions between member nations and reduce trade costs. Meanwhile, Russian Deputy Foreign Minister Sergey Ryabkov highlighted ongoing Western efforts to disrupt BRICS unity, which he claims have instead strengthened global interest in the bloc.
BRICS Nations to Expand Use of National Currencies Through New Financial Platform
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BRICS Plans to Expand Use of National Currencies in Trade, Says Russian Official
Russian presidential aide Yury Ushakov has revealed plans for BRICS nations to boost the use of national currencies in mutual trade, supported by new financial infrastructure. Speaking in Moscow on Thursday, Ushakov noted:
The Russian finance ministry in cooperation with the central bank is discussing with partners in the association the project of the BRICS-wide financial platform, special clearing infrastructure, and the BRICS reinsurer.
These initiatives aim to simplify transactions between member nations. Ushakov added that the launch of these projects “will make it possible to broaden the practice of payments in national currencies and reduce costs in mutual trade.”
He also emphasized that the Russian presidency in BRICS “paid much attention to making the financial track more active within the BRICS framework” throughout the year.
In parallel, Russian Deputy Foreign Minister Sergey Ryabkov spoke about ongoing Western attempts to disrupt BRICS unity. During a Federation Council Commission meeting, Ryabkov criticized efforts to discredit the group and create division among its members.
He described how these attempts have largely failed, noting that they often have the opposite effect by encouraging more countries to seek alternatives to Western-dominated development models. Ryabkov stressed that BRICS represents an inclusive and cooperative platform, with more than 30 countries interested in expanding their engagement due to the bloc’s commitment to consensus-driven decisions and mutual respect.
What do you think about BRICS’ push to use national currencies in mutual trade and the attempts to discredit its unity? Share your views in the comments section below.
