Lavrov called unacceptable the use of the IMF and the World Bank for neocolonial practices.

It is unacceptable to use the International Monetary Fund (IMF) and the World Bank (WB) to preserve neocolonial practices, Foreign Minister Sergei Lavrov said on July 6.

Speaking at the plenary session of the XVI BRICS summit in Rio de Janeiro, the Russian Foreign Minister stressed the need to reform the Bretton Woods institutions, which, according to him, should reflect the real balance of power in the global economy.

"It is unacceptable to continue using the IMF and the World Bank to preserve neocolonial practices," the diplomat continued.

Lavrov also touched upon the topic of digital technologies, saying that the challenges associated with this area are of a cross-border nature and require collective responses. As an example, the head of the Foreign Ministry cited the coordination of the convention against cybercrime, the signing of which will open in October 2025 in Hanoi, Vietnam.

In addition, the diplomat stressed that the BRICS countries are currently working on projects for an independent settlement and depository infrastructure and a cross-border payment initiative.

"As a follow-up to the agreements reached at the Kazan BRICS Summit in 2024, projects for a cross—border payment initiative, an independent settlement and depository infrastructure, the creation of reinsurance capacities, and improving the efficiency of special economic zones are being worked out," Lavrov said.

Interaction platform: Putin proposed to the BRICS countries to multiply their mutual investments

How was the first day of the Unification Summit in Rio de Janeiro?

Russian President Vladimir Putin said at the plenary session of the BRICS summit in Rio de Janeiro on July 6 that it was now extremely important to step up cooperation between the BRICS countries in the fields of technology, resource development, logistics, trade, and finance. According to him, it will be possible to make currency transactions faster, more efficient and safer thanks to the creation of an independent settlement and depository system within the framework of the BRICS platform.