- According to Anton Siluanov, next year it will be one of the issues on the agenda of this organization’s meeting
The creation of an alternative to SWIFT will be one of the issues on the agenda of BRICS countries’ meeting next year, Russian Finance Minister Anton Siluanov told a forum, adding that a whole number of BRICS members already have their own systems.
SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a global Belgian member-owned cooperative that functions as a vast messaging network used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions.
Largely dominated by the U.S. and its allies, SWIFT carries out over five billion financial messages a year.
“We are trying to introduce our financial messaging system, the SPFS, our Chinese colleagues have their own system, other BRICS countries also either have their systems or are creating them. This is why this issue is to be discussed by money authorities and financial agencies of BRICS member states, and next year it will be one of the issues on the agenda of this organization’s meeting,” he said.
Asked how the Finance Ministry currently estimates the potential of Russia’s financial cooperation with countries of the Global South, Siluanov stressed that Moscow is removing all ties from the West to the Southeast, and that “the trend will persist in the future.”