In a televised interview, Russian Finance Minister Anton Siluanov discussed the role of the New Development Bank (NDB), the BRICS-led financial institution created by Brazil, Russia, India, China and South Africa. He emphasized that the NDB operates with a focus on shareholder interests rather than political agendas and described it as a commercial organization serving the needs of its investors.
Siluanov stated that the Russian Ministry of Finance will maintain ongoing engagement with the NDB to advance design and investment work within Russia. He expressed confidence that progress would continue even amid existing sanctions, underscoring a pragmatic approach to sustaining financial collaboration.
The minister highlighted that accelerating new projects and completing those already underway is a key priority in Russia’s partnership with the NDB. He noted that effective mechanisms are in place to ensure the timely execution of these initiatives, reflecting a structured framework for long-term cooperation.
During the discussion, Siluanov also touched on possible new functionalities for the bank, including the consideration of a BRICS Pay payment system. The concept would aim to broaden regional financial capabilities and streamline cross-border transactions among BRICS members, contributing to a more resilient regional payments landscape.
With recent talks suggesting Argentina could join the BRICS New Development Bank, observers anticipate a decision in the near term, potentially at the bank presidents meeting held in South Africa in early August. The potential expansion would mark a notable evolution in BRICS financial collaboration by incorporating additional emerging-market economies into the NDB’s funding and project framework.
Meanwhile, reflections from Germany indicate a cautious stance on BRICS expansion amid concerns about cohesion within the bloc. A representative from the German Foreign Ministry pointed to existing constraints within the organization and their impact on broader membership. The German position also noted ongoing contact with BRICS members, particularly Brazil, suggesting a measured approach to any future enlargement while maintaining strategic dialogue across the alliance. [Citation: German Foreign Ministry briefing on BRICS cohesion and expansion, 2025]