Alexey Kazartsev presented on the future of payments in BRICS at I HSE Middle East Conference
On April 10, 2026, the I HSE Middle East Conference was hosted by the Faculty of World Economy and International Affairs at the Higher School of Economics. The event brought together leading experts, diplomats, and representatives from the banking sector. Among the keynote speakers was Alexey Kazartsev, Head of the FBA EAC International Banking Committee and co-author of the project for the new international payment system BRICS "BRICS PAY". The conference was moderated by Andrey Baklanov, Professor at the Department of Foreign Regional Studies and Deputy Chairman of the Association of Russian Diplomats.
The opening session featured welcoming addresses from Dmitry Efremenko, Head of the Department of Foreign Regional Studies; Sergey Karaganov, Scientific Head of the Faculty of World Economy and International Affairs; Georgy Borisenko, Deputy Minister of Foreign Affairs of the Russian Federation; Andrey Denisov, First Deputy Chairman of the Federation Council Committee on International Affairs; Anastasia Likhacheva, Dean of the Faculty of World Economy and International Affairs; and Vitaly Naumkin, Scientific Head of the Institute of Oriental Studies of the Russian Academy of Sciences.
During the plenary session, Irina Zvyagelskaya, Corresponding Member of the Russian Academy of Sciences and Head of the Center for Middle Eastern Studies at the Institute of World Economy and International Relations; Murad Sadigzade, President of the Center for Middle Eastern Studies; Igor Yaminsky, Honorary Professor and CEO of the Center for Advanced Technologies at Moscow State University; Alexey Gagarinov, CEO of Si-Shipping LLC; and Elmira Imamkulieva, Head of the Laboratory for Research on Contemporary Iran at the HSE Faculty of World Economy and International Affairs, delivered presentations.
The conference also featured the participation of Ambassadors Extraordinary and Plenipotentiary from Arab countries, including Ahmed Abdulrahman Al Saati from Bahrain, Sami Mohammed Alsadhan from Saudi Arabia, Hamdy Shaaban Abdelhalim Mohammed from Egypt, Ahmed Salem Al-Wahishi from Yemen, Abdelhafiz Nofal from Palestine, and Valid Hamid Shiltag, a representative of the Arab League.
In his presentation, Alexey Kazartsev highlighted the implications of Western countries' decision to disconnect Russian banks from the SWIFT payment system, emphasizing the necessity of developing independent financial infrastructure. He noted that the use of Western-controlled payment systems is impractical without reliable alternatives, particularly in the interests of Russia and its allied countries.
Alexey Kazartsev discussed the challenges posed by SWIFT-based B2B payment systems, which he described as making banks transparent to Western regulatory authorities. He proposed a deposit-based solution for countries in the Global South, involving the establishment of two deposits in national currencies in different countries and the use of branch networks for cross-border payments at intra-bank exchange rates. The resulting imbalances would be offset through counterflows, including cryptocurrency transactions.
Regarding retail payments for individuals, Alexey Kazartsev outlined a scheme that involves the creation of authorization deposits and synthetic accounts. Buyers would scan QR codes in partner countries, and payment processing companies would convert and debit funds. The imbalance in deposits would be compensated through counter-payments from citizens of allied countries.
Alexey Kazartsev also addressed the critical dependency of the market on the Western corporate standard EMV, which is governed by Eurocard, Mastercard, and Visa. He cautioned that this structure could potentially restrict the operation of any card, terminal, or ATM globally. As an alternative, he cited mobile QR code systems, such as Chinese Alipay and WeChat Pay, Indian Bharat BHIM, and Russian Faster Payments System.
In conclusion, Alexey Kazartsev suggested integrating investment functionality into mobile payment applications, which could generate additional revenue for banks and payment systems while enabling individuals to manage their savings in new currencies. The conference underscored the high demand for independent financial infrastructure in the Middle East.