Russia Urges BRICS Nations To Create Own SWIFT System

Not necessarily “news” to anyone here, but confirmation:

[Russian Finance Minister Anatoly Siluanov] blamed economic sanctions on Russia for “destroying the foundation of the existing international monetary and financial system based on the US dollar” and urged BRICS to rely more on their national currencies in foreign trade, integrate payment systems and create an alternative to the SWIFT payment messaging platform. . . .

First Deputy Managing Director Gita Gopinath of the International Monetary Fund (IMF) told The Financial Times, that the recent financial sanctions imposed on Russia for its invasion of Ukraine are threatening to weaken the dominance of the U.S. petrodollar as the world currency.


One caveat. I think Brazil is back into Anglo-American alliance camp

Thanks for the caveat. I wonder which, if any, of the countries in the Western Hemisphere will end up economically allied with Russia and/or China when the dust settles.

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