This week the Bank of Russia held its annual Congress, with the opening session exploring obstacles to growth. One obvious one is sanctions and Russia’s international payment challenges. Currently Russia chairs the BRICS trading block, which has been discussing the creation of BRICS Bridge, a digital currency cross border payment solution. Bank of Russia Governor Elvira Nabiullina noted that cooperation requires more than Russian willingness and sanctions have resulted in its partners being “under extreme increasing pressure,” according to Russian news agency TASS.
Reuters reported her describing discussions about BRICS Bridge as challenging and creating a system would take time.
“I think that some global platforms will gradually emerge, because countries look at our experience and understand the vulnerability of the financial infrastructure and the vulnerability in case they are included in only one existing system,” she said, referring to the Swift cross border payment messaging system, which blocked Russia’s participation following Ukraine-linked sanctions.
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