BRICS Creating Global Payment System to Counter the West

Joshua Ramos
brics summit vladimir putin russia president
Source: Reuters

On the heels of its six-country expansion, the BRICS alliance is creating a global payment system to counter the West. Specifically, reports have suggested that the bloc is developing its own international payment system that would be an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

Russia’s Finance Minister, Anton Siluanov, stated that the economic alliance was discussing its own alternative. Moreover, it would allow the bloc to continue its de-dollarization efforts and move away from Western influence on global settlements. 

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BRICS Developing Answer to Western SWIFT

The growth of BRICS throughout the year has been an undeniable geopolitical development. Subsequently, its expansion, which was enacted last month, has certainly presented a host of international ramifications. Now, some of those are beginning to come to fruition. 

Specifically, the BRICS bloc is reportedly creating its own global payment system to counter the West. Indeed, Russia has stated that the bloc is currently in discussion to create its own answer to SWIFT. Subsequently, it presents yet another opportunity for the alliance to create a multipolar world. 

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Source: Reuters

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“We are trying to implement our financial information transmission system. Other BRICS countries are either creating their own systems or have their own systems. Therefore, for now, the issue is a topic of discussion,” Russia’s Finance Minister stated.

Moreover, Siluanov noted that the idea is a trend that “will continue.” Specifically, the BRICS nations are poised to move forward with the establishment of their own independent financial systems. Subsequently, separating the global south from its dependence on the financial framework of the West.