MOSCOW – Most finance ministers and central bank heads from the BRICS nations skipped a high-level meeting in Moscow on Friday. They sent junior officials instead, according to official documents. Present were finance ministers from Egypt and the UAE, and the head of Iran’s central bank. Russian Finance Minister Anton Siluanov advocated for an alternative to the Western-dominated global financial system.
China, India, and South Africa did not send their top officials. This occurred a day after Kremlin aide Yuri Ushakov accused the West of pressuring countries to avoid the BRICS summit. Originally including Brazil, Russia, India, and China, BRICS has expanded to South Africa, Egypt, Ethiopia, Iran, and the UAE. The Moscow meeting followed the Group of 20 format, where top economic policy officials meet before summits to draft proposals for leaders.
Facing heavy Western sanctions due to its war in Ukraine, Russia is cut off from international capital markets. It seeks to engage BRICS partners with projects like the BRICS Bridge international payment system. “Our main task is creating a cross-border payment initiative,” Siluanov told officials. Russia also wants to establish a BRICS clearing centre, a rating agency, a reinsurance company, and a commodities exchange. Siluanov suggested a joint investment platform based on the group’s New Development Bank, mentioning it would use a digital form of transactions without further details.
Top BRICS economic officials stay away from Moscow meetinghttps://t.co/LY0wUVyUAB
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Russia has faced delays in international transactions with its trading partners, including BRICS members. Banks in these countries fear Western punitive actions. These payment issues have led Russian companies to resort to barter deals and cryptocurrencies. China was represented in Moscow by Deputy Finance Minister Liao Min and Deputy Central Bank Governor Changneng Xuan, while India sent Finance Ministry Secretary Ajay Seth.
The summit is set for Oct. 22-24 in Kazan, Russia’s Tatarstan region capital. President Vladimir Putin’s foreign policy aide, Yuri Ushakov, noted that nine of the 10 BRICS states would send their leaders. Saudi Arabia would send its foreign minister, Prince Faisal bin Farhan Al Saud, though its delegation was absent on Friday.
Frequently Asked Questions
Here are some common questions asked about this news
Why did most BRICS finance ministers skip the Moscow meeting?
They sent junior officials instead, possibly due to Western pressure.
Which countries sent their finance ministers to the Moscow meeting?
Egypt and the UAE sent their finance ministers.
What did Russian Finance Minister Anton Siluanov advocate for?
He advocated for an alternative to the Western-dominated global financial system.
What projects is Russia seeking to engage BRICS partners in?
Projects like the BRICS Bridge international payment system and a BRICS clearing centre.
When is the next BRICS summit scheduled?
The summit is set for Oct. 22-24 in Kazan, Russia.