Putin Downplays Need for New BRICS Payment System Amid Trade Woes

During a BRICS summit in Kazan, Russian President Vladimir Putin addressed issues with cross-border payments but confirmed there would be no creation of a special financial system. He highlighted the adequacy of existing infrastructures among the BRICS nations to manage trade payments, despite challenges with Western regulations.

Russian President Vladimir Putin has dismissed the need for a new special system for cross-border payments among BRICS nations despite ongoing complications. He indicated the existing infrastructure is sufficient for handling trade payments.

Putin's comments came during the BRICS summit held in Kazan, amid rising difficulties with payment delays involving major partners, notably China and Turkey, as Russian banks face increased scrutiny from Western regulators.

Proposals for an alternative payment system using national BRICS currencies were discussed, but Putin confirmed that no separate joint system will be developed, suggesting current systems run by BRICS central banks are adequate.

(With inputs from agencies.)