(Reuters) – Russia has asked the BRICS Group of emerging economies to allow the expansion of the use of their national currencies as well as integrate payment systems. This was according to the Finance Ministry on Saturday.

Russia was cut off from almost half of its global financial system resources and about $606.5 billion worth of foreign currency and gold reserves in April by sanctions.

The ministry stated that Anton Siluanov, Finance Minister, told a meeting of ministers with BRICS (Brazil, Russia, India and China) on Friday that the economic situation in the world had deteriorated significantly due to sanctions.

Siluanov also stated that new sanctions will destroy the foundations of international monetary and financial systems based upon the U.S. Dollar.

Siluanov explained that “this pushes us towards the need to speed up the work in the areas: The use of national currency for export-import operation, the integration payment systems cards, our financial messaging system and establishment of an independent BRICS ratings agency.”

In March, international payment cards Visa (NYSE 🙂 and MasterCard were suspended in Russia. Russia’s largest banks also lost their access to SWIFT Global Banking Messaging System.

Russia created its own bank messaging system called SPFS to replace SWIFT. MIR, the country’s own card payment platform, was launched in 2015.

These were part Moscow’s attempts to create domestic financial tools that mirror Western models, in order to safeguard the country from any increased penalties for Moscow.

According to the finance ministry, BRICS ministers confirmed that cooperation is important in stabilizing the economic environment.

Siluanov declared that the current crisis was man-made and that the BRICS countries had all the necessary tools to minimize its impact on their economies and global economy.