KAZAN, Russia (Reuters) – Cross-border funds for commerce between BRICS nations are experiencing issues, however there are not any plans to create a particular system as a result of the prevailing infrastructure is adequate, Russian President Vladimir Putin mentioned on Thursday.

Delays in funds for commerce with Russia’s main companions corresponding to China or Turkey the place banks are underneath strain from Western regulators to scrutinise transactions with Russia have change into a significant headache for Russian firms and banks.

Earlier than the summit, Russia outlined another fee system in nationwide BRICS currencies that would come with a brand new messaging system and a community of nationwide industrial banks linked to one another by the BRICS central banks.

“The query is essential at the moment. One of many key points is the issue of settlements,” Putin advised the information convention after the summit.

The Russian-hosted summit of the BRICS nations — Brazil, Russia, India, China and South Africa — ended on Thursday.

Putin mentioned the prevailing monetary messaging system, created by the Russian central financial institution in addition to related methods run by different BRICS central banks could possibly be used to facilitate mutual funds in nationwide currencies.

“However we aren’t inventing any separate joint system for now. What we have already got is on the entire adequate,” Putin mentioned.