Editor’s Note
This report outlines BRICS nations’ initiative to create a dedicated precious metals trading platform, as confirmed by Russian officials. The move signals a continued push by the bloc to develop alternative financial infrastructures.
The member states of the BRICS group, which brings together developing economies, are currently working on creating an exchange dedicated to precious metals, Russian Deputy Foreign Minister Sergey Ryabkov told Russian state media.
Speaking to the TASS agency, Ryabkov emphasized that in addition to a common investment platform, BRICS wants to have a “platform designed to operate in special economic zones,” which virtually all participating countries have.
From excerpts of his interview with the official Russian news agency published on Saturday, the diplomat also stated:
The Russian Federation is behind several initiatives that were proposed and adopted when Moscow chaired the organization in 2024, the report recalls.
These proposals notably include payment platforms, settlement mechanisms in national currencies, and reinsurance arrangements for trade within the bloc and with its partners.
The creation of a grain exchange and a new investment platform, recently mentioned by Ryabkov’s superior, Sergey Lavrov, were also among Moscow’s suggestions.
The idea of a precious metals exchange is gaining traction following the remarkable growth in the prices of these assets over the past year.
Gold surpassed $5,600 in January, and this historic record was followed by increased market volatility, with the price per ounce falling towards $4,600 in early February.
It again exceeded $5,000 later this month, according to data compiled by Trading Economics. After falling more than 3% last Thursday, it rebounded on Friday to settle slightly above $5,000.
Aware of the weight of pressure the United States can exert, BRICS intends to create an alternative to anything Washington can block “with a simple click,” Ryabkov emphasized.
“We are searching for and finding solutions to the problems created by this increasingly toxic international environment,” he added, specifying that this includes efforts within BRICS and in collaboration with countries willing to work with the organization.
The Russian representative insisted on the deployment of “digital methods and systems” in this regard, as well as the use of national currencies for transactions.
Last month, the Central Bank of India, a founding member of BRICS, proposed linking the digital currencies issued by its member countries to simplify cross-border trade and reduce dependence on the US dollar.
However, in November 2025, Russian Finance Minister Anton Siluanov admitted that his country’s efforts to establish an international settlement system within the group were hampered by the fact that some partners remained loyal to the US dollar.