The State Duma has put forward an initiative to create a single BRICS exchange for trading goods and raw materials based on national currencies. Deputy Chairman of the State Duma Alexander Babakov told RIA Novosti about this .
“The creation of a single BRICS exchange for trading goods and raw materials within the bloc based on national currencies will be the key to the economic sovereignty and independence of our countries,” Babakov said.
According to the vice-speaker, such an exchange will simplify and optimize trade between the BRICS countries, reduce costs and speed up transactions. This is especially important for strategically important goods – energy resources, metals and agricultural products.
Babakov emphasized that a single BRICS exchange could become an effective tool for ensuring financial stability and protection against currency risks. It would allow moving away from the dollar and making payments in national currencies or even creating a proprietary settlement mechanism based on blockchain and a single virtual currency.
In addition, according to Babakov, the exchange will help strengthen economic coordination between the BRICS countries, diversify export flows and expand markets. It can also become a platform for the introduction of advanced technologies such as blockchain and artificial intelligence.
Prior to this, the Moscow Exchange stopped trading the US dollar and euro due to the US sanctions .