The diplomat went on to say that the issue of using national currencies in mutual settlements was "a focus item" on the summit’s agenda.

According to the head of the ministry Maxim Reshetnikov, new national projects should be aimed at the tasks of structural transformation of the economy, ensuring technological sovereignty and developing the supply-side economy.

According to the Central Bank, banks earned 327 billion rubles in July.

It is noted that BRICS member states do not aim to replace existing multilateral mechanisms, much less to become a new "collective hegemon".

It is suggested that the easing adopted will provide creditors with more flexibility in adjustment of interest rates both on credits and loans and on deposits amid the key rate hike.

Japan also decreased its import of nonferrous ore by 93% and import of nonferrous metals by 69.5%.

It is noted that the pass-through of the ruble’s depreciation to prices is gaining momentum and inflation expectations are on the rise.

The regulator will reportedly take into account actual and expected inflation dynamics relative to the target and economic transformation processes.

The construction and agricultural sectors maintained steady growth, just as last year, Polina Kryuchkova said.

The Board of Directors of the Central Bank increased the key rate to 8.5% per annum at the last meeting on July 21.