Russian Minister: BRICS will establish an alternative SWIFT system

The Minister of Finance of Russia has indicated that the member countries of the BRICS group are preparing to establish a banking communication system as an alternative to SWIFT of the West. Anton Siluanov has been quoted as saying this by the TASS news agency and explained that the issue of establishing an alternative SWIFT system will be discussed by the member countries of BIRCS at the meeting of the economic community next year. 

Siluanov said this at the meeting of the Moscow Financial Forum and added that several member countries of the BRICS group have already established their own payment systems. SWIFT which stands for Society for Worldwide Interbank Financial Telecommunication (SWIFT), i.e. the International Banking Communication Association connects banks and other financial institutions around the world to exchange financial information between these institutions in a peaceful way.

Although the SWIFT network claims that it does not favor any side in political matters, it is now clear that the United States and other Western countries are using the system as a means to achieve their foreign and financial policy goals. The Minister of Finance of Russia has explained that the member countries of the BRICS group are taking urgent steps to establish a banking communication system as an alternative to SWIFT. The high-ranking Russian official emphasized that, "The BRICS economic community is looking for alternative international payment systems, using strategies that will help strengthen trade among member countries."