https://sputniknews.in/20250705/brics-states-to-discuss-russias-proposals-on-reinsurance-payment-settlements--minister-9404016.html
BRICS States to Discuss Russia's Proposals on Reinsurance, Payment Settlements – Minister
BRICS States to Discuss Russia's Proposals on Reinsurance, Payment Settlements – Minister
Sputnik India
Russia's initiatives, including on cross-border payments and the launch of a reinsurance company proposed during its BRICS presidency, are on the group's... 05.07.2025, Sputnik India
2025-07-05T11:16+0530
2025-07-05T11:16+0530
2025-07-05T11:16+0530
business & economy
vladimir putin
sergey lavrov
kazan
brazil
russia
brics
india
china
south africa
https://cdn1.img.sputniknews.in/img/07e9/06/0e/9288298_0:0:3072:1728_1920x0_80_0_0_77eb6260136c08acf9f9adfe8b11be57.jpg
"It is very important for us that the initiatives raised by the Russian Federation during its presidency are reflected in today’s agenda. Primarily, these are initiatives related to financial development and the financial unification of our countries. This includes cross-border payments, the creation of a reinsurance company for BRICS member states, and the establishment of inter-depository bridges. All these issues raised by Russia are being discussed by our country and several other BRICS member states," Siluanov told reporters.A consensus on insurance mechanisms within BRICS could be reached after a meeting of the BRICS finance ministers on Saturday, Siluanov added."The issue of insurance, as we discussed with colleagues, is generally supported. I believe that after tomorrow's meeting of BRICS finance ministers, we will find understanding and consensus to agree on this mechanism," the minister said, adding that there is a pressing need to create BRICS' own insurance organizations capable of effectively competing with Western ones.Following the BRICS summit in Kazan in 2024, BRICS leaders agreed to explore the possibility of creating an independent cross-border settlement and depository infrastructure, called BRICS Clear, and a BRICS (Re) Insurance Company, with voluntary participation.The 17th BRICS summit will take place in Rio de Janeiro from July 6-7. Russian President Vladimir Putin will participate in the BRICS summit's plenary session via a video link, while Foreign Minister Sergey Lavrov will attend the summit in Brazil in person.BRICS is an intergovernmental association created in 2006. In addition to Russia, Brazil, India, China, and South Africa, it now includes Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia. Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia, Nigeria and Uzbekistan officially became BRICS partner states in January 2025.
https://sputniknews.in/20250630/india-committed-to-smooth-integration-of-new-brics-nations-partners-9376240.html
kazan
brazil
russia
india
china
south africa
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2025
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
News
en_IN
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
vladimir putin, sergey lavrov, kazan, brazil, russia, brics, india, china, south africa
vladimir putin, sergey lavrov, kazan, brazil, russia, brics, india, china, south africa
BRICS States to Discuss Russia's Proposals on Reinsurance, Payment Settlements – Minister
Russia's initiatives, including on cross-border payments and the launch of a reinsurance company proposed during its BRICS presidency, are on the group's agenda, Russian Finance Minister Anton Siluanov said on Friday.
"It is very important for us that the initiatives raised by the Russian Federation during its presidency are reflected in today’s agenda. Primarily, these are initiatives related to financial development and the financial unification of our countries. This includes cross-border payments, the creation of a reinsurance company for BRICS member states, and the establishment of inter-depository bridges. All these issues raised by Russia are being discussed by our country and several other BRICS member states," Siluanov told reporters.
A consensus on insurance mechanisms within BRICS could be reached after a meeting of the BRICS finance ministers on Saturday, Siluanov added.
"The issue of insurance, as we discussed with colleagues, is generally supported. I believe that after tomorrow's meeting of BRICS finance ministers, we will find understanding and consensus to agree on this mechanism," the minister said, adding that there is a pressing need to create BRICS' own insurance organizations capable of effectively competing with Western ones.
Following the BRICS summit in Kazan in 2024, BRICS leaders agreed to explore the possibility of creating an independent cross-border settlement and depository infrastructure, called BRICS Clear, and a BRICS (Re) Insurance Company, with voluntary participation.
The 17th BRICS summit will take place in Rio de Janeiro from July 6-7. Russian President Vladimir Putin will participate in the BRICS summit's plenary session via a video link, while Foreign Minister Sergey Lavrov will attend the summit in Brazil in person.
BRICS is an intergovernmental association created in 2006. In addition to Russia, Brazil, India, China, and South Africa, it now includes Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia. Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia, Nigeria and Uzbekistan officially became BRICS partner states in January 2025.
