BRICS reveals the next steps of its own payments system

During an interview with the Serbian newspaper Politicsthe Deputy Minister of Foreign Affairs of Russia, Sergey Ryabkovdiscussed expectations for the development of payment mechanisms among BRICS countries.

The interview, published on the Russian Foreign Ministry and reported by the agency Tasshighlights that significant changes are expected after the next summit in Kazan.

Ryabkov predicts “important advances” in this area and uses a Chinese proverb to illustrate the anticipated journey: “a journey of a thousand miles begins with a single small step.” He expresses optimism that the summit will mark a relevant first step in the evolution of payment processes within the bloc.

“I believe that everyone will see important progress in this area at the conclusion of the summit in Kazan. As our Chinese friends say, ‘a journey of a thousand miles begins with a single small step’. I think we will take a first step, which will not be so small”, he declared.

However, the deputy minister tempered expectations with a note of caution, indicating that progress would be gradual and not a “giant leap”.

He clarified that any transition to payments in national currencies, and possibly to a single currency, would require time, given the consensual nature of decisions within BRICS. “There is a long way to go between the gradual transition to payments in national currencies and the creation of a single currency”, he explains.

The discussion about reducing dependence on the dollar in international transactions has been a recurring theme at BRICS meetings, gaining more relevance amid geopolitical tensions.

The Kazan summit is seen as a potentially decisive moment for these efforts, despite the need for cautious and incremental progress.