RUSSIA: Mutual Payment Mechanisms To Be Advanced At BRICS – JP

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Significant developments in respect of mutual payment mechanisms in BRICS countries can be expected after the summit in Kazan, Russian Deputy Foreign Minister Sergey Ryabkov said in an interview with the Serbian newspaper Politika, posted on the website of the Russian Foreign Ministry.

“I believe everybody will see important developments in this area in conclusion of the summit in Kazan. As Chinese friends say, ‘a journey of a thousand miles begins with a single small step.’ I think we will make a not very small first step,” the Russian diplomat said, reported Russian state news agency TASS.

However, no “huge leap forward” should be expected, Ryabkov noted. This is likely to be an evolutionary process because BRICS is working on the consensus basis, he added.

“There is a long way from gradual transition from payments in national currencies to creation of a single BRICS currency,” the diplomat noted.