Russian Foreign Minister Sergey Lavrov: Russia conducts 90% of trade with BRICS countries in national currencies

The BRICS states are working to ensure smooth settlements, and significant progress has already been made: the share of national currencies in Russia's trade with the countries of the group reached 90 per cent by the end of 2024. This was stated by Russian Foreign Minister Sergey Lavrov in an interview with Brazilian newspaper O Globo.

"Among our priorities and work on building sustainable payment mechanisms. The declaration of the 2024 BRICS Kazan Summit mentioned the Cross-Border Payment Initiative, settlement and clearing infrastructure, reinsurance company, New Investment Platform," he stressed, adding that these initiatives imply the creation of favourable conditions for the growth of trade and investment.

Speaking about the creation of a BRICS currency, Lavrov noted that the discussion of this topic will become relevant when the necessary financial and economic conditions for it are formed. At the moment, he said, the focus is on expanding the use of national currencies in settlements.

The Foreign Minister pointed out that BRICS continues to strengthen its role on the world stage.

"Today the association represents the centre of coordination of interests of the leading countries of the world majority. BRICS fully respects the principles of equality, mutual respect and balance of interests of all participants"

Sergey Lavrov Russian Foreign Minister

The Russian Foreign Minister believes that the group attracts those countries that seek equal and mutually beneficial cooperation for common progress. Thus, in 2024, it was decided to invite Indonesia to BRICS as a full member.

In addition, the Russian Minister was asked about the reform of the UN Security Council (UNSC). He expressed the need to increase the representation of African, Asian, and Latin American countries in this structure. Lavrov named Brazil and India among the worthy candidates for permanent membership in the Security Council.

Earlier, the Russian Foreign Minister arrived in Rio de Janeiro to take part in a meeting of the BRICS Council of Foreign Ministers. He held talks with his Brazilian counterpart Mauro Vieira. The parties discussed the upcoming visit of Brazilian President Luiz Inacio Lula da Silva to Russia and issues of bilateral cooperation between the countries.

Photo:  Russian Foreign Ministry