Russia has offered the BRICS countries and partners from the association a mechanism for cross—border payments through the BRICS Bridge settlement platform, which is under development, the Russian Ministry of Finance states

It is planned that central banks will issue digital financial assets (CFAs) similar to tokens. Several options for securing CFAs are being considered, including linking their value to the national currencies of the countries. Settlement participants will use BRICS Bridge as an alternative to traditional settlements for making payments

The concept of the project, possible settlement mechanisms and lists of participants are currently being developed. “We will implement it in stages, it is important for us to hear the opinion of all participants in the future platform,” the Finance Ministry said

CRYSTAL OF GROWTH previously informed that in March 2024, Russia adopted a law that allows the use of digital financial assets in international settlements, and also cited the opinion of Alexander Galushka, expressed in April 2022, that the legalization of the use of cryptocurrency for international settlements would allow to fend off anti-Russian sanctions. According to Bloomberg, Russia transferred $20 billion through the Tether stablecoin, which is the largest circumvention of anti-Russian sanctions