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RUSSIA: Russia Proposes Mechanism for Cross-Border BRICS Payments

RUSSIA
  • Russia has proposed a mechanism for cross-border payments to "friendly" countries that is based on the BRICS Bridge settlement platform, Vedomosti report. Countries would be able to conduct international payments with digital financial assets issued by central banks, the value of which could be linked to countries' national currencies. 
  • According to a Price Center Index cited by Vedomosti, Russian pipeline gas exports will increase by 11% to 111bcm in 2024. The growth will be driven primarily by the planned increase in exports to China and growth of exports to Europe following the low base of 2023.
  • Foreign Minister Sergei Lavrov hosts the second day of the meeting with counterparts from BRICS+ countries. There are no major data releases scheduled for today. Trade data for April will cross on Thursday, with CPI figures set for release on Friday.

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