In 2024, 90% of trade between Russia and other BRICS countries was conducted in national currencies, Russian Foreign Minister Sergey Lavrov told the Brazilian newspaper O Globo.
“BRICS is working to ensure uninterrupted settlements. We can already point to solid results. For example, by the end of 2024, the share of the ruble and the currencies of friendly nations accounted for 90% of Russia’s trade settlements with BRICS countries,” the minister said.
Lavrov noted that, amid the fragmentation of the global economy, countries of the Global South and East are increasingly reducing their reliance on Western currencies for settlements. “No one wants to suffer from sanctions imposed by the West against countries it deems unfavorable, using its monopoly position in financial markets,” he added. “It is unacceptable when reserve currencies are weaponized for competitive advantage, and payment operations, even for essential goods, are blocked under political pretexts.”
The Russian foreign minister emphasized that establishing sustainable payment mechanisms remains one of Russia’s top priorities. “The 2024 BRICS Kazan Summit Declaration mentioned several initiatives — a cross-border payment initiative, a settlement and clearing infrastructure, a reinsurance company, and a new investment platform,” Lavrov said. “These initiatives aim to create favorable conditions for increasing trade and investment among BRICS countries. We hope their implementation will continue this year under Brazil’s BRICS chairmanship.”
Brazil assumed the BRICS chairmanship on January 1, 2025. Last year, Russia held the chairmanship, with the key event being the 16th BRICS Summit held in Kazan.
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Photo: Russian Foreign Ministry
Based on TASS materials