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MOSCOW, January 30 In 2024, Russia will raise in BRICS the topics of mutual recognition of ratings and the creation of a common anti-money laundering platform, the head of the Bank of Russia said in an interview Elvira Nabiullina.
““Yes. Firstly, we would like to promote the topic of mutual recognition of ratings. This is very important for mutual trade and investment,” Nabiullina said, answering the question of whether the Russian Federation will come up with new ideas as part of its BRICS chairmanship .
She noted that both within the BRICS and within the EAEU the creation of supranational rating agencies is being discussed. According to the head of the Central Bank, this topic is promising, but there are “a lot of complex issues” in it — who should be the founder, how to arrange financing so that the agency is independent and professional. “In our opinion, mutual recognition of ratings will be faster and more practical,” Nabiullina noted.
The second topic that Russia intends to raise in BRICS is combating the laundering of dubious income. The Russian Federation has experience in creating an anti-money laundering platform “Know Your Client”, and it is ready to share it. “We would like to see what common platform solutions in this area can be developed at the BRICS level. This would greatly simplify cooperation between businesses in our countries,” added Nabiullina.
Another direction that Russia would like to develop within the framework of the unification is building a settlement and depository infrastructure. “The fourth new direction — on the basis of the University of the Bank of Russia, we plan to create a common platform for the BRICS countries for training and exchange of experience,” noted the head of the Central Bank. “We plan to formulate the final agenda by the end of February,” Nabiullina concluded.
On January 1, Russia became the chairman of BRICS for the coming year. It began with the accession of new members to the organization: following the results of the 2023 summit, a decision was made to invite Egypt, Ethiopia, Iran, the UAE and Saudi Arabia.
After the accession of all new members, BRICS will expand to 10 countries with a population of 3.6 billion people — almost half of the global total. These states account for more than 40% of world oil production and about a quarter of world goods exports.