BRICS Countries Intensify Efforts on Developing Own Financial Infrastructure - Ministry of Finance

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Interest among BRICS countries and the Global South in building an independent financial infrastructure continues to grow amid changes in the global economy and geopolitics, Russian Deputy Finance Minister Ivan Chebeskov stated at the St. Pyotrsburg International Economic Forum 2026.

Speaking at a session focused on trust in financial reporting and capital market development in BRICS countries, Chebeskov noted that mutual recognition of national financial institutions and mechanisms among BRICS member states is a key condition for creating a new financial architecture.

According to Chebeskov, the existing international financial system has evolved over decades, incorporating a sophisticated network of payment mechanisms, financial markets, rating agencies, auditing standards, educational programs, and professional certifications. This infrastructure has long provided convenience for most participants in the global market, including Russia.

However, the introduction of sanctions and changes in global economic conditions have prompted many countries to seek alternative tools for interaction. As a result, interest in creating sovereign financial infrastructure among BRICS countries and Global South nations has significantly increased.

The deputy minister emphasized that building a unified trust space between countries remains a complex task. Each state has its own rating agencies, auditing organizations, systems for training specialists, and financial reporting standards. Therefore, an important step is to develop mechanisms for mutual recognition of such institutions and tools.

Chebeskov argued that work in this direction takes on particular significance given the growing economic influence of BRICS. He noted that the combined contribution of BRICS countries to the global economy already exceeds that of the G7, while the use of traditional Western financial infrastructure comes with increasing risks for some countries.

In this context, the creation of alternative financial mechanisms is not a short-term initiative but a long-term strategic process. As Chebeskov stressed, BRICS countries are committed to steadily advancing toward forming their own financial ecosystem through both multilateral projects and bilateral cooperation among member states.