Russian MF proposed an independent financial system for BRICS

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News Date: February 28, 2024

On February 27, 2024, the first in-person meeting of finance ministers and central bank governors from BRICS countries took place in Sao Paulo, Brazil, as part of Russia's chairmanship.
The event marked a significant milestone for BRICS, emphasizing its growing importance globally with an increased number of participants.
During the meeting, Russia's Minister of Finance, Anton Siluanov, and First Deputy Chairman of the Bank of Russia, Vladimir Chistyukhin, presented the key focus areas, highlighting the theme of the chairmanship: improving the international monetary and financial system.
The participants, including Brazil, Russia, India, China, and South Africa, generally supported these priorities, signaling a collective commitment to addressing the role of developing countries in the global economy.
a crucial step is creating an independent financial infrastructure to bolster the autonomy and financial sovereignty of developing countries.
To enhance the global financial system, it's crucial to create practical opportunities for an independent financial infrastructure, reinforcing the autonomy and financial sovereignty of developing nations.
"The current system based on the existing Western financial infrastructure and the use of reserve currencies has a number of fundamental flaws. Such infrastructure should be available to everyone.
Financial infrastructure must be accessible to everyone and independent of the will of individual countries. Otherwise, we are faced with artificially created barriers to trade, investment and technology, even in transactions between third countries. This leads to a slowdown in global economic growth."
Siluanov said.

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Sources: substack, finance.yahoo

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Sources: wikipedia.org, twitter.com