Elvira Nabiullina, the governor of Russia’s central bank, announced that Russia will propose key initiatives to strengthen cooperation among BRICS countries during its chairmanship in 2024.
Nabiullina emphasized the importance of mutual recognition of ratings in facilitating trade and investment among BRICS nations. Russia aims to promote this initiative, recognizing its significance in fostering economic ties within the bloc.
Furthermore, Russia intends to leverage its experience in combating money laundering by sharing its anti-money laundering platform, “Know Your Customer,” with other BRICS members. This initiative underscores Russia’s commitment to enhancing financial transparency and security within the alliance.
As part of its chairmanship, Russia plans to develop a settlement-depository infrastructure and establish a common platform for training and exchanging experiences among BRICS countries. These efforts aim to bolster financial cooperation and institutional capacity within the alliance.
Nabiullina also addressed the idea of creating supranational rating agencies, acknowledging its potential benefits but highlighting the complexity of implementation. Issues such as founding, financing, and ensuring independence pose challenges that require careful consideration.
Nabiullina emphasized that mutual recognition of ratings will offer a faster and more practical approach to enhancing economic cooperation among BRICS nations, reflecting Russia’s commitment to advancing the bloc’s agenda during its tenure as chair.
