BRICS countries are actively working to create alternative payment mechanisms, Russian Foreign Minister Sergei Lavrov said in an interview with BRICS TV. The text of the interview was published by the ministry’s press service.
“Before the latter part of the Russian presidency, everyone wants to create alternative payment mechanisms: interbank settlements using national currencies, insurance mechanisms,” – said Lavrov.
The minister noted that this task was also on the agenda of the BRICS summit in Kazan and that recommendations for the creation of such mechanisms have already been drawn up. They are not yet definitive, but “they already allow us to start creating reliable, sustainable and long-term systems.”
Lavrov stressed that now the common task is to protect against the “tyranny of the dollar” and create alternative settlement systems and payment platforms.
Russian banks began to be systematically disconnected from SWIFT as part of the sanctions after the start of the military operation in Ukraine. The Deputy Minister of Finance announced in June that Russia, together with the central banks of the BRICS countries, is working on the launch of the BRICS Bridge platform for settlements in national currencies, including digital ones. Ivan Chebeskov.
In addition to Russia, according to the Financial Times, China and Iran have advocated the creation of alternative payment platforms. Other BRICS members, such as India and Saudi Arabia, began to fear that one day they too could be separated from SWIFT.
