Share of national currencies in settlements between Russia and BRICS countries reached 90% by the end of 2024, according to Russian Foreign Minister Sergey Lavrov. He emphasized that one of Russia’s top priorities is establishing resilient payment mechanisms.

Additionally, last fall, the Russian Finance Ministry presented a concept for modernizing the international monetary and financial system. The introduction of new tools aims to reduce reliance on the US dollar and facilitate more favorable and faster transactions among BRICS members and their partners.

Progress in strengthening ties within the bloc will be further discussed at SPIEF 2025 during the session “The Future of the International Financial System.” For more details, visit the official program page.

The St. Petersburg International Economic Forum 2025 will be held in St. Petersburg from June 18 to 21. The forum is organized by the Roscongress Foundation.