Headline: Putin Places Confidence in BRICS Payment Systems Despite Trade Challenges

Russian President Vladimir Putin addressed the challenges faced by BRICS countries in cross-border payments during a press conference following the BRICS summit held in Kazan, Russia. Despite difficulties in commercial payments with countries like China and Turkey, where Western regulatory bodies closely scrutinize transactions with Russia, Putin stated on Thursday that there are currently no intentions to develop a special payment system.

The president acknowledged the importance of resolving payment issues that have become problematic for Russian businesses and financial institutions. Before the summit, Russia had proposed an alternative payment mechanism utilizing national currencies of BRICS countries. This mechanism would involve a new messaging system and a network of national commercial banks interconnected through BRICS central banks.

However, Putin emphasized the sufficiency of the existing infrastructure, mentioning the financial messaging system established by Russia's central bank and similar systems operated by other BRICS central banks. According to Putin, these systems are capable of facilitating mutual payments in national currencies.

The summit, bringing together leaders from Brazil, Russia, India, China, and South Africa, concluded on Thursday with discussions on significant economic and trade issues. Putin's remarks indicate a preference for utilizing and potentially enhancing existing payment mechanisms rather than creating a new joint system.