Russia Pushes for BRICS Clearing, Depository to Sidestep West

Russia has set out proposals for a unified depository and clearance system for BRICS countries, as it seeks to persuade member nations to deepen financial cooperation without the involvement of the West.

Russia argued for integrating the depositories of member states under a so-called BRICS Clear umbrella as part of its presentation for this week’s summit in Kazan, according to a person who saw the document, asking not to be identified because the matter isn’t public. The aim would be to ensure uninterrupted cross-border securities transactions as an alternative to the Euroclear and Clearstream systems, the person said.

President Vladimir ...