
INTERNATIONAL - Brazil, Russia, India, China and South Africa, a group of major emerging economies known as BRICS, back the idea of developing a common payment system, a Russian official said on Thursday.
Russia and its BRICS peers have been looking for ways to decrease their dependence on the U.S. dollar and have advocated using their national currencies in mutual trade.
Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), said “increasing non-market risks of the global payment infrastructure” was behind the plan to integrate the group’s national payment systems.