MOSCOW, July 25 State Duma Vice Speaker Alexander Babakov proposed creating a new system of financial institutions within BRICS, an investment bank and a clearing bank; the issue is already being discussed with the Russian Ministry of Finance.
«We need a number of institutions, namely an investment bank and a clearing bank in one person, or two institutions working in a harmonious link, working according to special rules and significantly adjusted standards from the Bank of Russia,» Babakov said during a strategic session on legislative support for economic cooperation with African countries in the energy sector. 
Babakov also believes that it is necessary to create a system for exchanging financial messages for the BRICS countries (similar to SWIFT) based on state banks capable of clearing settlements between counterparties from the BRICS countries.
«The development and implementation of their own financial messaging system will allow the BRICS countries to reduce their dependence on Western financial institutions and increase their national financial autonomy, which will allow the BRICS countries to carry out financial transactions without interference from external parties,» he added. 
According to Babakov, when creating a new system of financial institutions, the new system must be technically compatible with the existing financial infrastructures of the participating countries. This includes integration with national payment systems, banks and other financial institutions, the deputy added. «By starting to act in a coordinated manner in this direction and simultaneously building mechanisms for lending to new projects and settlements in trade with these countries in advance, we will be able to achieve much more balanced foreign trade in 2-3 years, to greater protection from Western pressure,» the deputy speaker of the State Duma concluded.
Babakov emphasized that technical discussions are currently underway with the Russian Ministry of Finance on the practical side of organizing such investment and clearing-settlement institutions.