Adherence to dollar complicates establishing cross-border settlement system within BRICS - Russian Finance Minister Siluanov

MOSCOW. Nov 25 (Interfax) - Establishing a cross-border settlement system within BRICS, which was one of the priorities of last year's Russian chairmanship, is being hampered by the commitment of some of its potential participants to the dollar, but it exists until the first restrictions on the part of the United States, Russian Finance Minister Anton Siluanov said.

"We settle accounts [with our foreign trade partners] directly, so as not to be vulnerable to any external influences. This is most important. Therefore, one of the topics is establishing a cross-border settlement system within BRICS. This is a rather tenuous issue, as not everyone is ready to participate. Many are satisfied with settlements in dollars as long as there are no restrictions," Siluanov said during a forum at the Financial University in Moscow.

"And when these restrictions, God forbid, are lifted, then, of course, it will be more in demand," Siluanov said.

Despite the lack of progress regarding the BRICS settlement system, it is still conducted in reliable currencies and with a reliable infrastructure, and that is most important, Siluanov said.

"If the dollar is unreliable now, then we do not use it. We will see and analyze what happens next. However, we settle accounts directly in national currencies with our main trading partners within BRICS. We do not have a goal of de-dollarization. Our goal is to ensure stable settlements. If the dollar has proven itself to be a currency that can be turned off in settlements, 'like a master switch', and there are no settlements, then what kind of trust could we have?" Siluanov said.

In addition to national currencies, modern technologies, such as digital financial assets and cryptocurrencies, could also serve as instruments for ensuring settlements in foreign economic activity, for which Russia has adopted the necessary legislation, Siluanov said.