BRICS nations developing alternative to SWIFT Russian president says

Russian President Vladimir Putin revealed that the BRICS countries are actively working on establishing a system for the exchange of financial information among central banks, intended as an alternative to SWIFT for international transactions.

During a meeting with the heads of leading BRICS media, he highlighted efforts to broaden the use of national currencies and create secure instruments for financial operations. "This will facilitate the exchange of financial information among central banks," Putin explained, Caliber.Az reports via Russian media.

He reiterated the need for electronic tools to strengthen relations between central banks, ensuring a reliable exchange of financial information that operates independently from existing international systems, which may impose political restrictions and undermine global economic principles.

 BRICS, an interstate association established in 2006, originally comprised Brazil, Russia, India, and China. South Africa later joined, and starting in 2024, the group will also welcome Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia.

Other countries seeking to join BRICS include Azerbaijan, Algeria, Bahrain, Bangladesh, Belarus, Bolivia, Chad, Cuba, Equatorial Guinea, Eritrea, Honduras, Indonesia, Kazakhstan, Kuwait, Morocco, Nicaragua, Nigeria, Pakistan, Senegal, South Sudan, Sri Lanka, Thailand, Uganda, Venezuela, Vietnam, and Zimbabwe.

The next BRICS summit is scheduled to take place in Kazan from October 22 to 24.

By Vafa Guliyeva