BRICS launches development of alternative payment system

According to Russia's Foreign Minister Sergey Lavrov, BRICS countries have completed the development of recommendations for the establishment of alternative payment systems.

In an interview with TV BRICS, he emphasized that this issue was one of the central ones at the recent summit in Kazan and at meetings of the Ministers of Finance and heads of the Central Banks of the participating countries during the year.

"Preliminary recommendations have already been developed. They already provide an opportunity to start creating a reliable, sustainable and long-term system. I believe that Brazil, as the next chairman, will continue this work",

Sergey Lavrov said.

The Foreign Minister emphasized the need for a new payment, citing the dollar's increasing role as an aggressive instrument in the global economy. He added that a parallel payment system would be protected from these risks.

According to the Foreign Minister, the alternative payment mechanism is not directed against the existing global financial system.

Earlier, the Russian Minister of Finance Anton Siluanov drew attention to the fact that the new payment structure would use digital financial assets and a system for transmitting financial messages.