the share of settlements with the BRICS countries in national currencies reached 85% – Kommersant

The share of the BRICS countries in Russia’s trade balance has doubled in two years and amounted to 40%, said the head of the Central Bank, Elvira Nabiullina. During the same time, settlements with the BRICS countries in national currencies increased to 85%, she noted.

“It (the share of the BRICS countries.—”b”) has become significantly larger, now it is about 40%. In 2022 it was less than 30%, and in 2021 – about 20%,” Ms. Nabiullina said in an interview “RIA News”. The share of settlements in national currencies two years ago was 26%, the head of the Central Bank indicated.

On January 1, 2024, Russia became the chairman of BRICS for the coming year. According to a presentation presented in December, during this period Russia will do emphasis on increasing settlements in national currencies. At the Russian Foreign Ministry admitted the creation of a single BRICS currency, but noted that this is a long process.

BRICS includes Russia, Brazil, India, China and South Africa, and following the 2023 summit, Egypt, Iran, the UAE, Saudi Arabia and Ethiopia were invited to join the association. Argentina was also supposed to join BRICS, but after President Javier Miley came to power, it refused.

Read more in the Kommersant article. “Argentina will join BRICS piecemeal”.

Lusine Balasyan