BRICS Alternative to SWIFT

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BRICS is an economic cooperation bloc originally made up of Brazil, Russia, India, China, and South Africa.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.   READ MORE...