Economic and financial relations of the BRICS countries in the context of the challenges of the modern world

the purpose of the article is to analyze the economic and financial relations of the BRICS countries in the context of the continuous sanctions impact of the G7, the EU countries and their allies on a number of the member states of the association. The article examines the main economic and financial indicators of the BRICS, G7 and the EU. The share of BRICS, G7 and EU in global production and consumption is compared. The analysis of the GDP of the BRICS, G7 and the EU has been implemented. A search has been carried out for directions for the development of economic and financial relations between the BRICS countries in order to increase economic power. The research used the method of comparative analysis of statistical data, the method of generalization and grouping of data, the graphical method and the method of analysis of scientific literature. It is concluded that overcoming a wide range of sanctions problems of the BRICS countries is associated with the expansion of cross-border settlements based on national and digital currencies of the members of the association. The pressure of sanctions and trade restrictions on cross-border payments within the framework of the integration association will reduce the introduction of the BRICS supranational payment system. The possibilities of practical application of the research materials are based on the use of the data obtained to solve real problems in the development of economic and financial relations of the existing BRICS member states.

BRICS, economic and financial relations, sanctions, barriers to economic activity, cross-border payments, payment systems, digital platforms