BRICS Sherpas and Sous-Sherpas Convene in Moscow to Prepare for Upcoming Summit and Foreign Ministers' Meeting

On April 22-23, 2024, BRICS sherpas and sous-sherpas gathered in Moscow for a meeting chaired by Russia's Sergey Ryabkov. The purpose of the meeting was to discuss the decisions made at the Johannesburg Summit and prepare for the upcoming BRICS Foreign Ministers' meeting scheduled to take place in Nizhny Novgorod on June 10-11, 2024.

During the meeting, the BRICS nations explored the possibility of establishing a platform to unify their financial systems. According to Russian Deputy Foreign Minister Sergey Ryabkov, several options are being considered, including settlements in stablecoins or the creation of a BRICS Bridge multisided payment platform. The unification of national financial messaging systems is also being discussed as part of this initiative.

The BRICS finance ministers and central bank governors have been in contact, including a face-to-face meeting held in February 2024 in Sao Paulo. With the increasing digitalization of banking processes, the BRICS countries have established a special channel for information exchange between their central banks and approved regulations for cooperation in the field of information security.

Why this matters: The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, represent a significant portion of the global economy. The potential unification of their financial systems could have far-reaching implications for international trade and financial transactions, potentially challenging the dominance of traditional financial systems and currencies.

Looking ahead, the BRICS Council of Foreign Ministers meeting in Nizhny Novgorod in June 2024 is expected to discuss key issues, with the participation of Chinese Foreign Minister Wang Yi already confirmed. The upcoming BRICS summit in Kazan, Russia, in October 2024, will mark the 75th anniversary of diplomatic relations between Russia and China, with Chinese President Xi Jinping set to attend. The development of interregional cooperation between Russia and China remains a priority, with trade turnover between the Republic of Tatarstan and China exceeding $2 billion in 2023. The attractiveness of the BRICS group is evident, with more than 40 countries applying for membership, highlighting the flexible form of interaction it offers.

Key Takeaways

• BRICS sherpas met in Moscow to discuss Johannesburg Summit and prepare for FM meeting.
• BRICS exploring unification of financial systems, including stablecoins and payment platform.
• BRICS finance ministers and central banks in contact, cooperating on digital banking.
• BRICS FM meeting in Nizhny Novgorod in June 2024, BRICS summit in Kazan in October.
• Over 40 countries applied for BRICS membership, highlighting its growing global appeal.