MOSCOW: Russia, the current chair of BRICS, has urged its partners to develop an alternative to the International Monetary Fund (IMF) as part of efforts to counter Western political influence. Russian Finance Minister Anton Siluanov, at a BRICS finance meeting ahead of the upcoming summit, argued that the global financial system is dominated by Western nations and does not serve the interests of BRICS countries, which account for 37% of the global economy.
Siluanov called for the creation of new institutions akin to the Bretton Woods institutions, such as the IMF and World Bank, but specifically designed for BRICS members. He also suggested the formation of a joint investment platform using digital transactions, linked to the BRICS’ New Development Bank (NDB). Despite the push, only a few top officials from member countries attended the Moscow meeting, with key representatives from China, India, and South Africa sending junior officials amid claims of Western pressure.
Russia has been cut off from global financial markets due to sanctions following its invasion of Ukraine in 2022, leading it to advocate for alternative financial mechanisms. The BRICS group has also discussed initiatives like the BRICS Bridge payment system and a clearing center, although progress has been slow.
