BRICS Nations Pivot from Western Financial Systems

Most finance ministers and central bank chiefs from the BRICS group were absent from a key Moscow meeting, sending junior officials instead. The meeting aimed to develop a Western alternative financial system. Only junior officials from Egypt, UAE, and others participated following claims of Western pressure.

In a significant development ahead of the upcoming BRICS summit, most finance ministers and central bank chiefs from the group abstained from a crucial meeting in Moscow, opting to send their deputies instead. Official documents indicate that while finance ministers from Egypt and UAE, along with Iran's central bank head, attended, representatives from China, India, and South Africa notably did not.

The absence follows accusations from a Kremlin aide, alleging Western pressure on countries to avoid the BRICS summit. Originally comprising Brazil, Russia, India, and China, BRICS has expanded to include South Africa, Egypt, Ethiopia, Iran, and the UAE. Russia is keen to develop an alternative financial system, given its isolation from Western markets due to sanctions.

Russian Finance Minister Anton Siluanov emphasized initiatives such as the BRICS Bridge international payment system, alongside propositions for a clearing center, a rating agency, and other financial structures. The summit, scheduled for Oct. 22-24 in Kazan, Russia, will see most BRICS leaders in attendance, barring Saudi Arabia's leader, whose foreign minister will represent the nation.

(With inputs from agencies.)