Loading ...Russia in talks with BRICS over precious metals exchange
Russia is in talks with other BRICS members about creating an international precious metals exchange to ensure fair pricing and trade growth, the country’s Finance Minister Anton Siluanov said in a statement on Thursday.
Leaders of BRICS countries, which account for 37% of the global economy, gathered in the Russian city of Kazan this week to discuss initiatives aimed at creating alternatives to the Western-dominated financial and trade infrastructure.
“The mechanism will include the creation of price indicators for metals, standards for the production and trade of bullion, and instruments for accrediting market participants, clearing, and auditing within BRICS,” Siluanov said.
The BRICS precious metals exchange would rival Western trading platforms, such as the London Metal Exchange, and would protect trade from sanctions imposed by the West on BRICS members Russia and Iran.