With Russia taking the lead, the BRICS bloc is talking about creating a new payment system that isn’t controlled by the United States and that is not dependent on the dollar. Such a system could accelerate de-dollarization.
With Russia taking the lead, the BRICS bloc is talking about creating a new payment system that isn’t controlled by the United States and that is not dependent on the dollar. Such a system could accelerate de-dollarization. BRICS is an economic cooperation bloc originally made up of Brazil, Russia , India, China, and South Africa. As of Jan. 1, 2024, the bloc expanded to include Saudi Arabia, Egypt, the UAE, Iran, and Ethiopia.
More than 40 other nations have expressed interest in BRICS membership. The expanded BRICS has a combined population of about 3.5 billion people. The economies of the BRICS nations are worth over $28.5 trillion and make up roughly 28 percent of the global economy. BRICS nations also account for about 42 percent of global crude oil output. Russia assumed the chairmanship of the bloc in January 2024. Earlier this year, Central Bank of Russia governor, Elvira Nabiullina saidRussia is leading discussions with other BRICS countriesabout developing a payment system to serve as an alternative to the current system. Currently, most global trade moves through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system. In effect, SWIFT serves as a "superhighway" facilitating global trade. It operates as a global financial messaging service, facilitating cross-border payments. Asthe SWIFT website puts it, “SWIFT is the way the world moves valu
BRICS Payment System Dollar De-Dollarization Russia Global Trade SWIFT
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