Putin says that Russia ready to replace SWIFT for BRICS
Date
6/23/2022 7:59:37 AM
(MENAFN) The System for Transfer of Financial Messages (SPFS), Russia's replacement for SWIFT, is open to banks from the BRICS nations, according to Russian President Vladimir Putin, who announced this on Wednesday.
Putin claimed at a BRICS economic event that Moscow is creating dependable substitutes for international payments with its allies Brazil, India, China, and South Africa.
“The Russian system for transmitting financial messages is open to connecting banks from the five countries,” he declared, noting: “The geography of the use of the Russian payment system Mir is expanding.”
The Russian president also mentioned that efforts are being made to develop a global reserve currency based on a basket of the currencies of the BRICS.
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