Member countries of BRICS are moving forward with plans to establish an exchange for precious metals, Russian Deputy Foreign Minister Sergey Ryabkov said.
According to Ryabkov, the initiative goes beyond the creation of a common investment platform previously mentioned by Russian Foreign Minister Sergey Lavrov, News.Az reports, citing TASS.
He noted that there is also a proposal to develop a dedicated platform aimed at operating within special economic zones, which exist in nearly all BRICS member states.
“In addition to the common investment platform the minister spoke about, there is also the idea of creating a special platform designed to function in special economic zones,” Ryabkov said. He added that a newer but significant initiative involves setting up a precious metals exchange, alongside the creation of a grain exchange.
During Russia’s BRICS chairmanship in 2024, several Russian-backed initiatives were approved for implementation at the Kazan summit. These included the development of alternative payment platforms, mechanisms for conducting settlements in national currencies, reinsurance tools for trade within BRICS and with partner countries, the establishment of a grain exchange, and the launch of a new investment platform.
Commenting on the progress of these proposals, Ryabkov stated that there are “all reasons and prerequisites for something tangible to emerge,” expressing confidence that the initiatives could produce concrete outcomes.