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Ryabkov Reveals, First Third of Russia’s BRICS Presidency Has Shown Progress

April 20, 2024 (EIRNS)—On the occasion of the end of the first four months of Russia’s presidency of the BRICS, Russian Deputy Foreign Minister Sergey Ryabkov said real progress has been made on several fronts. He spoke in an interview with TV BRICS published on April 19, and also reported by TASS.

“At the end of one third of our chairmanship, we can state that the leaders have taken a decision that has made BRICS unequivocally stronger. It has declared itself even louder as an influential system of interaction, a key link in the emerging architecture of a multipolar world…” Ryabkov said in the translation published by TV BRICS. “I think that the summit in Kazan this October will mark the achievement of new heights in the interaction between the BRICS countries.”

Commenting on efforts to create a platform for unifying their financial systems Ryabkov said, “In practical terms, several options are considered. For example, settlements in stable coins or the option of creating a platform that would unite the financial systems of its members (the so-called BRICS Bridge, which implies the docking of the existing systems of digital currencies of central banks in the BRICS countries). The possibility of interconnecting national financial messaging systems is being discussed.”

Ryabkov pointed to establishing a special channel for information exchange between their central banks. “Well, here the finance ministers and central bank governors have had their contacts. The face-to-face meeting was held in February in São Paulo. With the digitalization of many banking processes, security in the storage and transmission of data is at the forefront. We have already established a special channel for information exchange between central banks and approved regulations for co-operation in the field of information security.”