Russia Pushes BRICS for Alternative to SWIFT Amid Moves to De-Dollarize

Oct 18, 2024, 01:37 PM

Russia is set to push for cross-border payments and trade reforms at the upcoming BRICS summit as it seeks to develop an alternative international payments platform immune to Western sanctions. President Vladimir Putin, speaking at the BRICS Business Forum, emphasized the need to reduce reliance on the US dollar, citing declining confidence in the currency due to sanctions and noting that even traditional US allies are reducing their dollar reserves. He highlighted that 95% of Russia's external trade is now conducted in national currencies. Putin stated that while the idea of a unified BRICS currency is premature, the bloc should gradually enhance financial integration, including strengthening the New Development Bank and developing their own version of SWIFT for international financial transactions. He also noted that the expansion of BRICS, which now represents 43% of the world's population, opens doors for new members and increases the group's influence in the global economy.