The BRICS countries are working on an initiative to create an international reserve currency based on a basket of national currencies, said Russian President Vladimir Putin.

"The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out," the Russian leader said in a greeting to the participants of the BRICS business forum.
In addition, block partners are developing reliable alternative mechanisms for international settlements. "The Russian financial messaging system is open for connecting banks from the five countries. The geography of using the Russian payment system Mir is expanding," the president added.

According to him, Russia is taking enhanced measures aimed at reducing the negative impact of sanctions and strengthening trade and investment ties with all interested states. At the same time, it tries to develop its own industry and financial system, provides social support to citizens, and expands entrepreneurial freedoms.