OREANDA-NEWS  Russia has prepared a report on the creation of the BRICS payment system. This was stated by the Minister of Finance of the Russian Federation Anton Siluanov. He is quoted by RIA Novosti.

This document will be presented to the leaders of the BRICS countries in October in Kazan. It contains such initiatives as the BRICS cross-border payment initiative, the BRICS inter-depository cooperation system, and the creation of its own reinsurance system.

Earlier, the head of the Bank of Russia, Elvira Nabiullina, said that in the third quarter of 2024, global economic activity continues to grow, although there are more and more risks of slowing growth. According to her, the external environment remains difficult for many economies of this association. In addition, she pointed to a possible global financial defragmentation.

Experts believe that if the BRICS states manage to create an independent payment system, it will reduce the negative impact of Western sanctions.