KAZAN, Russia (Reuters) – Cross-border funds for commerce between BRICS international locations are going through issues, however there aren’t any plans to create a particular system as a result of the prevailing infrastructure is adequate, Russian President Vladimir Putin mentioned on Thursday .
Cost delays in commerce with Russia's principal companions, akin to China or Turkey, the place banks are beneath stress from Western regulators to overview transactions with Russia, have turn out to be a significant headache for companies and Russian banks.
Forward of the summit, Russia offered another fee system in BRICS nationwide currencies, which would come with a brand new messaging system and a community of nationwide business banks linked collectively via BRICS central banks.
“The difficulty is essential at present. One of many key points is the issue of settlements,” Putin mentioned on the press convention after the summit.
The summit of BRICS international locations (Brazil, Russia, India, China and South Africa), hosted by Russia, ended on Thursday.
Putin mentioned the prevailing monetary messaging system, created by the Russian central financial institution, in addition to related programs run by different BRICS central banks, may very well be used to facilitate mutual funds in nationwide currencies.
“However we aren’t inventing a separate frequent system for the time being. What we have already got is mostly adequate,” Putin mentioned.
