Russia's ambitious financial project within BRICS failed - expert.

Russia is trying to create a new system of international banking payments using the BRICS bloc to bypass the global financial system, in which it is under sanctions. However, China, India, and South Africa are not very supportive of this idea.

The appointed chairman of the Institute for Economic Research and Policy Consulting, Igor Burakovsky, stated that the dominant international settlement system using the dollar and euro does not threaten anything and currently has no alternative.

"Today, besides BRICS, there are various proposals on how to organize the international settlement system. Therefore, the idea of the Russians is not new"

According to him, it is necessary to understand why this is needed, how much it will cost, and what the result will be.

"Moving away from the dollar or euro is unlikely. Although national currencies are gradually taking on a more important role in settlements, practically, I have my doubts about these ideas. The Russian Federation is simply trying to punish the West with political statements," the expert emphasized.

He noted that for most countries in the world, including BRICS countries, the dominant settlement system is beneficial.

"For Chinese banks and financial organizations, for India and other countries, the importance of settlements on the international financial market, which ensures the inflow of foreign capital, is an unconditional priority"

Therefore, Burakovsky believes that this proposal from Russia will not have further development.

"I think there will be many political statements, but in reality, the dominant international settlement system is not threatened"