Minister Siluanov Urges BRICS to Develop Independent Settlement System: Data and Rationale

RT reports that Russian Finance Minister Anton Siluanov recently underscored the need for BRICS to establish a standalone payments infrastructure. Siluanov claims up to 72% reliance on Western frameworks, complicating transfers whenever sanctions arise.

Initial estimates suggest this system could save participants around $4.5 bln annually through reduced fees and faster transaction speeds. Over 200 financial institutions may join a pilot program, expressing readiness to embrace new settlement protocols.

Experts believe such an initiative could strengthen trade ties within the bloc. However, critics point to potential technical hurdles in unifying different platforms and the regulatory reforms required for seamless integration.