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The share of BRICS in the global economy at purchasing power parity will increase to 36.6% by 2028, while the G7's share will drop to 27.8%, Russian President Vladimir Putin said.
Russia is discussing with other BRICS countries the interaction of national financial message transmission systems, and currently 159 foreign participants from 20 countries have already joined the Russian platform, Russian Central Bank Head Elvira Nabiullina told Sputnik.
The US overestimated its capabilities when trying to undermine Russia and China's economies, the Columbia University economist told Sputnik's New Rules podcast.
Russia and its partners within BRICS and the Shanghai Cooperation Organization (SCO) need to work on a unification of payment systems and a mechanism to regulate trade in national currencies to boost mutual trade and be more independent, geopolitical analyst Pepe Escobar told Sputnik.
Currently, China contributes 70% of the BRICS' GDP, which will decline to 62%, while India chips in with 13% which will inch down to 12%.