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Russia pushes for BRICS clearing, depository system to sidestep the West
From Bloomberg News
Thursday, October 24, 2024
Russia has set out proposals for a unified depository and clearance system for BRICS countries, as it seeks to persuade member nations to deepen financial cooperation without the involvement of the West.
Russia argued for integrating the depositories of member states under a so-called BRICS Clear umbrella as part of its presentation for this week's summit in Kazan, according to a person who saw the document, asking not to be identified because the matter isn’t public. The aim would be to ensure uninterrupted cross-border securities transactions as an alternative to the Euroclear and Clearstream systems, the person said.
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President Vladimir Putin is hosting the first summit since BRICS expanded to nine members in January, with the United Arab Emirates, Iran, Egypt and Ethiopia joining Brazil, Russia, India, China, and South Africa in the organization. He said Wednesday that the group's development showed that a "multipolar world" is emerging, in a challenge to the existing U.S.-dominated global order.
The Russian Finance Ministry didn't immediately respond to a request to comment.
While it's technically feasible, there’s little sign most BRICS members beyond sanctioned Russia and Iran are interested in joining a common depository, said Oleg Vyugin, a former top Bank of Russia official.
"Most BRICS countries have great economic ties with the Western world," he said. They won't want to separate from it." ...
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