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Russian Foreign Minister Sergey Lavrov. Archive photo

Lavrov: Alternative payment system is being rapidly implemented in SCO and BRICS

MOSCOW, November 27 – RIA Novosti. Russian Foreign Minister Sergei Lavrov said that a rapid transition to the use of national currencies instead of dollars in payments was observed among the BRICS and Shanghai Cooperation Organization (SCO) members, where alternative payment systems were rapidly implemented.

Speaking at the international scientific and expert conference, Lavrov said: “We are discussing this issue within the framework of BRICS, within the framework of the Shanghai Cooperation Organization. Alternative payment platforms are being actively promoted, the transition to national currencies is developing very rapidly.” “Primakov Readings” forum.

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He added that India and China care about their own interests and probably understand that a sudden departure from the current system would hurt their economies.

“But there has been a gradual move away from dependence on the dollar, dependence on payment systems and supply chains built by the West,” the minister added.

According to him, consultations on common payment platforms are ongoing in the SCO but have not resulted in specific instructions. During the Russian Federation’s BRICS presidency in 2024, it is planned to take into account the recommendations of the heads of BRICS finance ministries and central banks regarding alternative payment platforms “for the purpose of making some decisions”.

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Source: Ria

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