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Lavrov stated that the share of settlements in national currencies within BRICS reached 65%
Russian Foreign Minister Sergey Lavrov said at the International Science Fiction Symposium “Creating the Future” that mutual settlements in their own currencies account for almost 65% of foreign trade between the BRICS countries.
At the same time, in agreements between the Russian Federation and the countries of the SCO and the Eurasian Economic Union, this same figure exceeded 90%, the minister told TASS.
According to him, Russia plans to continue to recognize its important role in this process. The director explained that this is due to the country's status as the world's fourth-largest economy in terms of purchasing power parity, according to the International Monetary Fund (IMF). Russia's importance in this matter is also ensured by the fact that it is the largest resource power, Lavrov emphasized.
He also recalled that during Russia's presidency of BRICS, work was organized to create a new payment platform. The minister said that this will continue during Brazil's presidency in 2025.
"Some experts predict that not only will the role of national and regional currencies in international trade be strengthened, but America's selfish actions will lead to the formation of many macro-regions with their own standards, rules and value chains. America, once a global system, is rapidly fragmenting," Lavrov concluded.
At the same time, the BRICS countries have not yet begun to create a system that would be an alternative to SWIFT, said President Vladimir Putin. At present, the Association member countries use the Russian system proposed by the Central Bank. The Russian leader noted that the issue of creating a single financial product is very important, but the biggest problem is the settlement.