Russian Foreign Minister Sergey Lavrov announced that BRICS countries have formulated recommendations for alternative payment systems aimed at reducing reliance on the U.S. dollar in international transactions.
Lavrov discussed the issue with TV BRICS on Saturday, highlighting that the development of an alternative payment network was a key topic at the recent BRICS summit held in Kazan, as well as in finance ministerial meetings throughout the year.
"The recommendations are not yet final, but they have paved the way to begin building secure and sustainable payment systems for the long term," Lavrov said. He expressed confidence that Brazil, the upcoming chair of BRICS, would continue to advance this initiative.
Lavrov emphasized that the U.S. dollar is increasingly being used as an "aggressive tool" in the global economy, making it essential to establish a payment system free from such risks.
He added that the U.S. appears determined to maintain its dominance by any means, including prohibited ones, as it feels its influence waning.
Earlier, Russian Finance Minister Anton Siluanov underscored the necessity of an alternative financial network for BRICS countries, noting the potential for incorporating digital financial resources based on previous experiences.
BRICS currently includes Russia, China, India, Brazil, South Africa, Iran, the UAE, Egypt, and Ethiopia, with an invitation extended to Saudi Arabia to join the group. Russia held the BRICS presidency this year, hosting the summit in Kazan from October 22 to 24.
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