ASIATODAY.ID, MOSCOW – BRICS foreign ministries are to continue working on financial mechanisms independent from the West, Russian Foreign Minister Sergey Lavrov said on Friday.
“We [BRICS] are paying special attention, as instructed by the leaders at last year’s Johannesburg summit, to the development of recommendations on the creation of multilateral mechanisms that would not depend on the illegitimate actions of the West,” Lavrov said at a meeting of the Business Council under the Russian Foreign Ministry.
The organization mainly focuses on working out collective solutions to global challenges and international development tasks, the minister said.
“Such work is already being carried out by central banks and finance ministries. And it will continue, including with the active participation of foreign ministries, given the enormous foreign policy and geopolitical importance of this issue,” Lavrov added.
In April, Lavrov said that the United States, along with other Western states, was concerned about the possibility of BRICS establishing its own financial mechanisms.
In late February, the majority of BRICS countries supported the idea of creating an independent international financial settlement mechanism as well as most of them supported the idea of abandoning the dollar and transitioning to settlements in national currencies.
BRICS was established in 2009 as a cooperation platform for the world’s largest emerging economies, bringing together Brazil, Russia, India, China and South Africa. On January 1, 2024, the bloc was expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates. (Sputnik/AT Network)
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