Russian President Vladimir Putin and Chinese President Xi Jinping met at the BRICS summit to discuss issues related to financial payment infrastructure, the Kremlin announced on the 23rd (local time).
Chinese President Xi Jinping (left) and Russian President Vladimir Putin. [Image source=Yonhap News]
According to Russian local media TASS, Kremlin aide Yuri Ushakov stated that when asked whether they discussed payment issues between the two countries the previous day, “All issues, including financial cooperation, were discussed.”
The two leaders held a bilateral meeting for about an hour on the sidelines of the BRICS summit held the previous day in Kazan, Republic of Tatarstan, Russia.
Russia hopes that BRICS countries will move away from the Western-led financial payment systems and establish a new system. Since being expelled from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) due to Western economic sanctions following the Ukraine “special military operation,” Russia has faced difficulties in international trade and payments. Banks in China, which maintains close relations with Russia, are also reportedly reluctant to engage in transactions with Russia due to concerns over U.S. sanctions.
Accordingly, at this year’s BRICS summit, chaired by Russia, the establishment of a new international payment system is expected to be a major agenda item.
President Putin proposed at the start of the BRICS summit to discuss deepening financial cooperation among BRICS countries and the expansion of BRICS.
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