Russian minister urges to spur inter-depositary interaction between BRICS countries

Russian finance minister Anton Siluanov is anticipating the establishment of a new financial system to smoothen inter-currency payments and improve inter-depositary relations among BRICS countries, aiming to boost trade and economic ties.

Speaking with China Global Television Network (CGTN), Siluanov said he hopes to see the introduction of a BRICS payment system to facilitate capital movement among member states.

"It seems to me we need to create alternatives to the current system of payments and settlements. We're not talking about a single currency. We're not talking about a single owned payment unit. We're talking about the fact that money goes between our countries for goods, services, and capital too. That the capital could also be moved between our countries," said the Russian financial minister.

He also highlighted the importance of creating of inter-depositary relations among BRICS countries to reduce investment barriers.

"We see the need to create inter-depositary relationships between our countries so investors can invest money without hindrance, so the system of inter-depositary interaction between BRICS participants would work. There has been a proposal to do this on the basis of blockchain technologies and other modern technologies. This will be a step forward compared to the current systems between depositories," said Siluanov.

BRICS began with Brazil, Russia, India, China and South Africa, and has now evolved into an influential international cooperation mechanism with an expanded membership.

Other than the countries that officially joined the BRICS family on January 1, 2024, over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in membership.

The 16th BRICS Summit, which runs from Tuesday to Thursday in Kazan, Russia, marks the first in-person BRICS gathering since its expansion.

Siluanov emphasized the potential of stronger economic connections after the BRICS expansion.

"Indeed, the number of countries in our community has grown. This is good. We see that the economic potential of our community is growing. But the increase in the number of BRICS members is not in itself an aim. I believe we need to establish good economic ties, an uninterrupted settlement system and, accordingly, increase our trade turnover," he said.

Russian minister urges to spur inter-depositary interaction between BRICS countries

The escalated Israeli military operations have exacerbated the humanitarian crisis in northern Gaza Strip, with most humanitarian aid to people in multiple besieged areas denied, according to a report published by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) on Tuesday.

Since October 6, the Israeli forces have intensified military operations in northern Gaza. They recently entered the Indonesian Hospital, forcing medical workers to evacuate, said the report.

Al Awda and Kamal Adwan hospitals, the only remaining functioning medical institutions in northern Gaza, have been hit recently as well amid urgent need for food and water provision.

The OCHA also reported that the Israeli forces have continued to impose a tightened siege on Beit Lahiya, Beit Hanoun and parts of Jabalya, with humanitarian assistance largely denied by the Israeli authorities over the past nearly 80 days.

At present, around 80 percent of the Gaza Strip is under active Israeli-issued evacuation orders.

Thousands of people there have no access to food, water, electricity and health care, and millions are at risk of being left without shelter during the cold winter months.

According to data released by the United Nations Children's Fund (UNICEF), more than 10,000 children in Gaza have been killed since the outbreak of the current round of the Israel-Hamas conflict, indicating that a Palestinian child is being killed every hour by Israeli troops, the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) said in a statement on Tuesday.

In addition to the threat to their lives, the surviving children in the Gaza Strip have been deprived of the opportunity to study and have to struggle to survive in the ruins, with their physical and mental health seriously harmed.

Those children in Gaza are losing their lives, their future and their hope, said the statement.

Israel launched a large-scale offensive against Hamas in the Gaza Strip to retaliate against an attack by the former on the southern Israeli border on Oct. 7, 2023, during which about 1,200 people were killed and about 250 taken hostage.

The Palestinian death toll from the ongoing Israeli attacks on the Gaza Strip had risen to 45,338, with 107,764 others injured, the Gaza-based health authorities said in a statement on Tuesday.

Escalated Israeli military operations exacerbate humanitarian crisis in northern Gaza: OCHA