BRICS+ has created its own global money transfer system

New payment system BRICS+ is close to completion, Russian President Vladimir Putin said at an international forum “Russian Energy Week”.

He surprised everyone, since no one expected that the new payment system would be at an advanced stage of implementation. About the fact that countries BRICS+ will move on to creating their own payment systemto become completely independent from the West and possible economic blackmail by refusing SWIFTbecame known back in the summer.

With the new payment system, the US will not be able to use the dollar as a “weapon” and impose sanctions on any country that, in its opinion, can create geopolitical problems for it.

“In cooperation with the BRICS countries, we are already working to complete the creation of our own payment system, which will create conditions for efficient and independent servicing of all foreign trade,” – Putin said during the plenary session of the forum.

BRICSwhere Russia is presiding this year, sees its mission as uniting the entire economic structure of countries and creating opportunities for everyone interested in harmonious, mutually beneficial cooperation,” he said. The President emphasized that we are talking about mutually beneficial cooperation. “In other words, it meets the common interests of our countries and our peoples.”,– he explained.

Some states believe that they can use illegal sanctions against Russia to their advantage in the energy sector, Putin pointed out, calling modern energy one of the key industries, the real basis of global development, adding:

• its uninterrupted operation according to transparent and understandable rules,
• development of reserves,
• resource processing,
• uninterrupted supply to the market.

All this creates a solid foundation for economic growth, social peace and improved well-being of citizens. “Western elites are denying access to the fuel and energy technology platform to unwanted countries because they cannot cope with competition,” – noted the Russian President. “They are introducing sanctions to take advantage of them in the energy sector.”, – he noted.

“They think they can cut off access to these services to those countries that are politically unpleasant to them, putting them on the margins of progress, but in reality they are simply turning them onto other paths. I think many will agree with me that all “these tools are used mainly as instruments of unfair competition”,– Putin said.

“The West doesn’t want competition because it can’t cope with it, it often loses in a fair fight,” he noted. Global economic growth in the 21st century will be concentrated in the BRICS countries, and not in Europe or North America, he clarified.

“Multipolar growth models are emerging, which are launching a new wave of global growth for the entire 21st century… The main growth will be concentrated not in Europe or North America, which are gradually losing their positions in the global economy, but in the BRICS countries and those states that want to join our group.”,– he noted.

“Leaders in pace [экономического] growth will be in the countries of the so-called Global South, South and Southeast Asia, as well as Africa, where GDP per capita is still low, the level of urbanization is quite low, and the birth rate is high. And Russia is ready to strengthen the dominant technological potential of its partners in the energy sector, creating entire scientific and production chains.”he added.

President Vladimir Putin added that countries seeking to join BRICS+ see prospects in an equal world, as well as in respecting the national interests of countries. Russia embodies a just energy transition in practice, unlike some Western countries that only pursue a “green” agenda.

“Our energy balance is one of the greenest in the world, this is an obvious fact. And unlike some Western countries that use the climate agenda to advance their essentially neo-colonial interests, we are putting into practice a just, orderly energy transition.” he said.

“It is estimated that by the end of this decade, energy consumption in Russia will grow by an average of 2% – this is about the same rate as the rest of the world, and this is a clear sign of economic growth. Russia fulfills its obligations to supply energy resources to the world market and plays a stabilizing role in it.”,– concluded the Russian leader.

BRICS is a transnational organization created in 2006. Since January 1, 2024, Russia has chaired BRICS+. This year, new members joined the group – along with Russia, Brazil, India, China and South Africa, it included Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia. As the Russian President stated, BRICS+ strives to create space for mutually beneficial cooperation between countries.

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