BRICS Finance Chiefs Skip Moscow Meeting Amid Pressure

In a meeting held in Moscow, several finance ministers and central bank chiefs from BRICS countries opted not to attend, sending junior officials in their place. Russia is pushing for the creation of an alternative financial system. The absence highlights geopolitical tensions around the upcoming summit.

Most finance ministers and central bank chiefs from the BRICS countries were noticeably absent from a high-level meeting in Moscow ahead of their forthcoming summit, with nations dispatching junior officials instead, according to official documents.

Russian Finance Minister Anton Siluanov urged the formation of an alternative to the Western-controlled global financial system. Although finance leaders from Egypt, the UAE, and Iran attended, officials from China, India, and South Africa did not. Kremlin aide Yuri Ushakov claimed the West pressured countries to avoid the BRICS summit.

Amid heavy Western sanctions due to its conflict in Ukraine, Russia is courting BRICS allies with plans for a BRICS Bridge international payment system. Siluanov also proposed a BRICS clearing centre and a joint investment platform. Delays in international transactions have led Russia to explore barter and cryptocurrencies in trade.

(With inputs from agencies.)