Moscow: Russian Finance Minister Anton Siluanov announced that Moscow is actively working on developing financial instruments within the BRICS alliance, including a potential cross-border payment system, as reported by state-run news agency TASS.

According to Anadolu Agency, Siluanov discussed the exploration of financial innovations at the BRICS platform. He highlighted that the cross-border payment system could leverage national currencies and incorporate digital technologies and digital financial assets. This initiative is seen as a response to the Western SWIFT sanctions imposed on Russian banks, prompting BRICS to hasten the development of alternative payment mechanisms.

Siluanov emphasized the significance of creating a robust financial infrastructure to bolster trade and economic growth among BRICS countries. He also addressed Russia's fiscal outlook, noting that the country's budget deficit is expected to be lower this year compared to 2024. The budget deficit to GDP ratio, which stood at 1.7% last year, is projected to decrease to 0.5% this year.