The Russian Ministry of Foreign Affairs announced that the delegation will urge the G20 group to adopt national currencies for trade and to establish independent insurance frameworks. They will push for the creation of reliable reconciliation mechanisms and the development of alternative transport routes to improve global logistics. This push aligns with Moscow’s broader aim to reduce dependence on a single monetary system and to bolster financial resilience in international trade, as stated by the ministry. The policy direction reflects a belief that a diversified currency landscape can help stabilize cross-border commerce and lessen exposure to volatile exchange rates, especially in times of economic volatility. According to the Russian Foreign Ministry, the call will emphasize pragmatic steps toward monetary sovereignty and insurance certainty as part of a longer-term strategy to modernize global finance. The ministry notes that these proposals are designed to complement existing international financial arrangements rather than replace them overnight, while seeking to broaden participation beyond traditional powers.
The meeting with the club will take place from March 1 to March 3, 2023, in New Delhi. Participants are expected to discuss how to accelerate inclusive economic growth and how reforming multilateral institutions can better reflect contemporary global realities. The Russian side will highlight the importance of cooperative governance, transparent rules, and fair contribution from all major economies to ensure that growth benefits are widely shared. This stance underscores a commitment to stronger regional partnerships as a cornerstone of international economic stability, and it mirrors the priorities outlined by India for a more balanced and prosperous global economy, as reported by the Russian diplomatic mission.
Within the broader framework of urgent reform for international economic mechanisms, the Russian Foreign Ministry aims to clearly explain the drivers and origins of current challenges in world politics, foreign trade relations, and logistics corridors. This explanation is intended to foster a better common understanding among participating states and to encourage practical steps that can reduce friction in cross-border commerce. The ministry stresses that communicating the underlying causes in a precise and approachable way is essential for building consensus around concrete reforms that can be implemented through cooperative channels and agreed-upon standards.
Earlier statements indicate that Moscow is prepared to support Africa’s bid to join the G20 as a permanent member. This potential expansion is viewed as a pathway to give greater voice to developing economies and to strengthen the global balance within major decision-making forums. The Russian side argues that integrating additional members from the African continent would contribute to more representative economic governance and foster inclusive growth across diverse regions. The Foreign Ministry emphasizes that such steps should be accompanied by commitments to reforming governance structures, increasing transparency, and expanding the participation of emerging economies in key financial forums.