Siluanov is convinced that sanctions are destroying the international financial system

Russia’s Finance Minister Anton Siluanov said the BRICS needed to speed up work on setting up their own financial reporting system and an independent rating agency. Against the background of sanctions, the integration of payment systems is also needed, as, according to the Minister, the existing international financial system is currently being destroyed. Siluanov said this at a meeting of BRICS finance ministers and central bank governors, chaired by China.

The BRICS countries are Russia, Brazil, India, China and South Africa.

Sanctions against Russia are destroying the international system based on the US dollar, which is pushing for the need to speed up work on the following issues, said the head of the Russian Ministry of Finance. “The use of national currencies for export-import transactions, the integration of payment systems and cards, our own financial reporting system and the creation of the independent rating agency BRICS,” – informed Anton Siluanov.

Siluanov noted that rising commodity and food prices will hit low-income countries in particular. “Rapid growth in food, energy and commodity prices will hit developing and low-income countries in particular,” the Russian minister said. He called the current crisis human, noting that the BRICS countries have all the necessary tools to mitigate its effects on their economies and the global economy.

Against the background of a “special military operation” in Ukraine, Western countries have imposed sanctions on Russia, which have blocked access to the SWIFT international money transfer system. The fifth package of EU anti-Russian sanctions, announced on 8 April, includes extending the ban on the export of cash banknotes to the Russian Federation to all official EU currencies. The ban on exporting euro banknotes to Russia already applies.

Read more in “Kommersant” “Europe has printed a package.”

Mária Fedotová

Elliot Frost

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