An international settlement and depository infrastructure that Russia says would enhance cross-border trade in national securities. The idea is to allow all members to retain full access to BRICS financial markets even if they are cut off from Western financial infrastructure.

Russia is seeking to convince BRICS countries to build an alternative platform for international payments that would be immune to Western sanctions when it hosts the group's leaders at a summit next week.

MOSCOW (Reuters) -Saudi Crown Prince Mohammed bin Salman is not expected to attend the Russian-hosted BRICS summit later this month, according to the Kremlin, which said the world's biggest oil exporter would be represented by the Kingdom's foreign minister.

Russian President's foreign affairs adviser Yuri Ushakov said Thursday that 24 leaders have confirmed their participation in a summit of the BRICS bloc of developing economies set to be held in Kazan later this month.

The annual BRICS summit will happen from October 22-24 in Kazan, Russia. Economic cooperation, integrating payment systems, and carbon unit trading will be key topics. BRICS might sign a Carbon Markets Partnership agreement.