Russia is proposing the establishment of a unified depository and clearing system among BRICS nations to enhance financial cooperation independent of Western influence.

At a recent summit in Kazan, proposals were made to integrate the depositories of member states under a framework called BRICS Clear. This initiative aims to facilitate seamless cross-border securities transactions, positioning itself as an alternative to established systems like Euroclear and Clearstream.

The push for this system reflects Russia's broader strategy to strengthen ties within the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa. By creating a cohesive financial infrastructure, Russia aims to reduce reliance on Western financial mechanisms and promote regional economic stability.

The discussions are part of ongoing efforts to deepen collaboration among member countries in various sectors, particularly in finance and trade.