The organization will also engage more actively in the creation of an independent rating agency, the integration of payment systems and the use of national currencies for import-export operations. Siluanov pointed out that the new restrictions imposed on Russia destroy the foundations of the dollar-based international monetary and financial system and threaten a serious crisis. Nevertheless, the BRICS countries have all the tools to mitigate its consequences for themselves and for the world economy, believes the head of the Ministry of Finance.
According to Siluanov’s forecast, the rise in food and commodity prices, caused by the sanctions, will hit poor countries. “Bans on settlements, disruption of production and supply chains, export controls and import bans – all these restrictions hit the global economy,” the minister added.
At the beginning of March, the EU disconnected 7 Russian banks from the SWIFT international interbank system – VTB, Rossiya Bank, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB. RF. On April 8, the bloc announced that it had completely frozen the assets of four organizations on this list with the intention of “cutting them off completely from EU markets”.