Russian Finance Minister Anton Siluanov stressed the necessity for BRICS countries to establish an independent system for foreign trade settlements, devoid of political influence. Speaking to Bloomberg Saudi Arabia TV during a meeting of BRICS finance ministers and central bank governors in Brazil, Siluanov outlined the challenges posed by the current international monetary and financial system, which he perceives as politicised. He cited instances where decisions by institutions like the IMF and World Bank are influenced by political considerations, and reserve currencies are used as political tools rather than for facilitating trade.
Siluanov stressed the importance of creating a financial infrastructure that supports trade relations among BRICS countries and operates independently of political dynamics. As Russia holds the BRICS chairmanship, Siluanov revealed plans to propose the development of a new settlement and payment system based on digital and blockchain principles, designed to be efficient, cost-effective, and insulated from political interference.
Addressing concerns about the freezing of Russian assets, Siluanov criticized proposals, such as those from U.S. Treasury Secretary Janet Yellen, to use these assets to support Ukraine. He argued that such actions undermine the foundations of the global financial system and could have adverse consequences for both parties involved. Siluanov warned of potential symmetrical responses from Russia should these proposals materialize, emphasizing the need for de-escalation and constructive problem-solving to navigate the current geopolitical situation.
