Siluanov spoke about the creation by the BRICS countries of an analogue of SWIFT Russia , Brazil, India, China

and South Africa, members of the BRICS,plans to accelerate the creation of an independent rating agency in connection with the sanctions Anton Siluanov

The BRICS countries (including Russia, Brazil, India, China, South Africa) can accelerate the creation of their own financial messaging system and an independent rating agency due to sanctions, Russian Finance Minister Anton Siluanov said during a meeting of BRICS finance ministers and central bank governors chaired by China . His words are quoted by the press service of the department.

“This [sanctions] pushes us to the need to speed up work in the following areas: the use of national currencies for export-import transactions, the integration of payment systems and cards, our own financial messaging system and the creation of an independent BRICS rating agency,” Siluanov said.

Fitch withdrew Russia's ratings Business

In March, the European Union approved the fourth package of sanctions against Russia. The list of restrictive measures included a ban on the provision of services by European credit rating agencies for any Russian clients. At the same time, the international rating agencies Fitch, Moody's and S&P decided to suspend commercial activities in Russia.

At the end of the month, Fitch decided to cancel the ratings of Russian companies and their subsidiaries that were under EU sanctions. The agency said in a statement that all ratings would be withdrawn by April 15. Later, Fitch withdrew Russia's sovereign rating (an assessment of the country's credit risk as a whole, which shows how high the probability of its default is in the future. -).

On March 31, the ratings of Russia and its regions were also withdrawn by Moody's. The decision was made "for its own business reasons," the agency said.

Since the end of February, European countries and the United States have introduced several packages of sanctions against Russia. A number of Russian banks fell under the restrictions, which were disconnected from the SWIFT interbank data exchange system. We are talking about banks VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB.RF. Their assets in these countries, as well as half of the Central Bank's reserves in foreign accounts, were frozen.

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The plans of the BRICS countries to create an independent rating agency as an alternative to the existing S&P, Moody`s and Fitch became known back in 2009. In 2012, Russia and China presented the first such project - Universal Credit Ratings Group (UCRG) on the basis of the Russian agency "Rus-Rating" and the Chinese Dagong Global Credit Rating - but this and other proposed projects did not work in the end.

In July 2018, the CEO of the ACRA rating agency, Ekaterina Trofimova, announced that the BRICS rating agency would not start operating until the early 2020s.

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