Editor’s Note
BRICS nations are developing a dedicated trading platform for precious metals, designed to operate within special economic zones. This initiative, alongside existing common investment platforms, marks a significant step in deepening economic cooperation among the bloc’s members.
Russian Deputy Foreign Minister Sergey Ryabkov told state media that member countries of the BRICS group of developing nations are currently working on establishing an exchange dedicated to precious metals.
Speaking to TASS, Ryabkov noted that BRICS wants a platform “designed to function in special economic zones,” in addition to a common investment platform, which virtually all participating countries have.
The report recalled that the Russian Federation is the source of many initiatives proposed and adopted when Moscow assumed the organization’s chairmanship in 2024. These include proposals for a payment platform, a settlement mechanism in national currencies, and a reinsurance facility for trade within the group and with partners.
The establishment of a grain exchange and a new investment platform, recently discussed by Ryabkov’s superior, Foreign Minister Sergey Lavrov, are also among Moscow’s proposals.
The idea of an exchange for precious metals is gaining attention as prices for these assets have recorded significant increases over the past year. Gold surpassed $5,600 in January, and after reaching an all-time high, market volatility increased, with the price per ounce falling towards $4,600 in early February. According to data, Bitcoin broke above $5,000 again later in the month. After falling more than 3% last Thursday, it rebounded again on Friday, slightly above $5,000.
Acknowledging the weight of potential pressure from the United States, Ryabkov stressed that BRICS intends to create alternatives to everything Washington can shut down “at the push of a button.”
The Russian representative emphasized, in this regard, the introduction of “digital methods and systems” and the use of national currencies in transactions.
Sergey Ryabkov also highlighted some of the results of BRICS integration, pointing out that trade among its member states is growing at a faster pace than world trade, elaborating:
The Russian diplomat is convinced that “this simply shows that BRICS can truly help solve problems, albeit not with some ‘magic wand.'”
BRICS was founded in 2009 by Brazil, Russia, India, and China, with South Africa joining the following year. Subsequently, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates became full members.