The relevant instruction was given by the leaders of the bloc’s member countries to the finance ministers, follows from the Kazan Declaration published on the Kremlin’s website.

“We recognize the importance of exploring the possibility of linking the infrastructure of the financial markets of the BRICS countries. We agreed to discuss and explore the possibility of creating an independent cross-border settlement and depository infrastructure BRICS Clear,” the text of the document says.

The declaration clarifies that the initiative will complement the existing infrastructure of financial markets and the independent reinsurance potential of the BRICS.

The BRICS leaders added that they instructed the heads of the Finance Ministries and the Central Bank of their countries to continue considering the use of national currencies, payment instruments and platforms and report on the results during the next presidency.

The document emphasizes that participation in BRICS Clear will be voluntary.

The Kazan Declaration was adopted following the meeting of the BRICS heads of state at the bloc’s summit in Kazan.

https://finance.mail.ru/2024-10-23/strany-briks-obsudyat-sozdanie-raschetnoy-infrastruktury-brics-clear-63335774/