A high-level meeting of BRICS finance ministers and central bank governors in Moscow saw a notably low turnout on Friday, as top economic officials from several key member countries were absent. Documents revealed that many sent lower-ranking representatives ahead of the upcoming BRICS summit later this month.
While finance ministers from Egypt and the United Arab Emirates, along with Iran’s central bank governor, were present, officials from major BRICS nations—China, India, and South Africa—opted not to attend in person. Instead, they were represented by deputies or junior officials. This comes just a day after Kremlin adviser Yuri Ushakov accused the West of pressuring nations not to participate in the BRICS summit.
The BRICS group, which initially included Brazil, Russia, India, China, and South Africa, has recently expanded to incorporate Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia.
During the Moscow gathering, Russian Finance Minister Anton Siluanov urged the creation of an alternative to the Western-dominated global financial system. He emphasized Russia’s push for a cross-border payment initiative, which he called a “main task” for the bloc. Other proposals included establishing a BRICS clearing center, a commodities exchange, a joint reinsurance company, and a new BRICS rating agency.
Siluanov also pitched the idea of a joint investment platform linked to the BRICS New Development Bank. This platform, according to him, would utilize a new digital form of transactions, though he did not provide further details.
The meeting is part of the broader BRICS agenda, modeled after the Group of 20 process, where finance officials meet ahead of summits to draft proposals for the heads of state.
Russia’s increasing isolation due to Western sanctions over the war in Ukraine has spurred Moscow to push for deeper economic ties within BRICS. However, payment issues have arisen in Russia’s international dealings with BRICS countries, with banks in member states hesitant due to fear of Western regulatory backlash. As a result, Russian businesses have resorted to barter and cryptocurrencies to facilitate transactions.
China was represented by Deputy Finance Minister Liao Min and Deputy Central Bank Governor Changneng Xuan, while India sent Finance Ministry Secretary Ajay Seth.
The upcoming BRICS summit, scheduled for October 22-24 in Kazan, will see leaders from nine of the ten BRICS members attending. However, Saudi Arabia will send Foreign Minister Prince Faisal bin Farhan Al Saud in place of its leader, and the Saudi delegation was absent from Friday’s meeting.