BRICS+: "We are completely abandoning the Western SWIFT and creating our own interbank payment system"

BRICS+ member countries are considering the possibility of completely abandoning the international payment system SWIFT and creating their own unified interbank system in order to avoid sanctions and financial attacks from the United States and other Western countries, Russian Deputy Foreign Minister Andrei Rudenko confirmed in an interview with TASS.

#Russian Deputy FM Rudenko revealed that #BRICS members are considering #Iran's proposal to integrate their national payment systems. Eyvazlou, Iran's NDFI board member also suggested creating a joint fund for BRICS nations' national wealth at the BRICS Summit in Moscow pic.twitter.com/COlDbVSyi7

— SNN (@snntv_en) July 24, 2024

Rudenko emphasized that “creation of independent and sanctions-resistant clearing and payment infrastructures” would be an important step in strengthening the economic sovereignty of BRICS. However, Iran's initiative is still under discussion, and ““It’s too early to talk about any final parameters,” added a senior Russian diplomat.

SWIFT (short for Society for Worldwide Interbank Financial Telecommunication) is a messaging system between banks around the world. An interbank system through which financial institutions record, notify, and process cross-border financial transactions. However, this system is controlled by the United States.

On July 4, in St. Petersburg, the head of the Central Bank of Iran Mohammadreza Farsin held talks with the head of the Bank of Russia Elvira Nabiullina. On July 6, he reported that at the meeting the parties noted the completion of work on the integration of the Russian payment system “Mir” and the Iranian payment system “Shetab”, and also signed an agreement on the provision of liquidity in national currencies for the implementation of communications.

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