BRICS considers new cross-border payment system: Report

ISTANBUL

Russian Finance Minister Anton Siluanov said Moscow is working on financial instruments within BRICS, including a cross-border payment system, state-run news agency TASS said Wednesday.

"At the BRICS platform, we are considering our various financial innovations, including a cross-border payment system, which can be based, in addition to bilateral settlements, on national currencies, taking into account digital technologies and digital financial assets," he said.

Siluanov pointed out that Moscow is closely following developing technologies.

"Building a financial infrastructure is very important for the development of trade and the economies of our countries," he noted.

Due to Western countries' SWIFT sanctions against Russian banks, BRICS recently accelerated efforts to develop alternative payment systems.

Siluanov said the Russian budget will have a smaller deficit this year compared to 2024.

Pointing out that the ratio of the budget deficit to GDP was 1.7% last year, he said the figure is planned to decline to 0.5% this year.​​​​​​​