BRICS Launches Initiative for International Payments System
Amid increased geopolitical uncertainty, the BRICS alliance is taking action, as the bloc has launched an initiative for an international payment system. Indeed, Russian foreign minister Sergey Lavrov has announced the efforts for the bloc to create a payment system that rivals the Western-dominated SWIFT in a recent statement.
The efforts come as a global trade war appears to be inching closer. China, one of the original BRICS countries, is caught in a battle of increased tariffs with the United States that may soon create even more divide and disdain between the West and the Global South.
JUST IN: Russian Foreign Minister Sergey Lavrov says BRICS is exploring the creation of a new payments platform. pic.twitter.com/v6buM08lmo
— BRICS News (@BRICSinfo) April 11, 2025
Also Read: BRICS: US Dollar Is Now an Unreliable Currency, Say Analysts
BRICS Launching New Payment System Initiative Amid Rising Global Tensions
The global economy has seen tension increase over the last two weeks. Specifically, the United States unveiled a new Liberation Day tariff plan, introducing a baseline 10% import duty on all nations. The move sparked concern and outrage, with several countries responding in kind.
The US stock market plummeted, with the economy’s fragility being placed front and center. So, the country opted to place a 90-day pause on the tariff for every nation outside of China. However, the presence of these economic policies has not come without preparatory actions by various nations. Among them is BRICS, which officially launched an initiative for an international payment system.
Also Read: BRICS: Will De-Dollarization Take a Giant Leap in 2025?
Russian official Sergey Lavrov discussed the project in a recent statement. “There is an opportunity to form payment platforms that are independent of external influence,” he said. “One of the options is the financial messaging system of the Russian Central Bank.”
Moreover, Lavrov added that the project would be “convenient and completely independent of SWIFT.” Additionally, he highlighted the presence of “several other initiatives under discussion, including within the BRICS framework.”
The proposal to create an alternative payment platform was proposed by Brazil, Lavrov confirmed. Indeed, the nation is the 2025 BRICS chairman and has been outspoken in its de-dollarization hopes for much of the last several years. This move appears to be aligned with that perspective.
Read More
BRICS: US Dollar Keeps Falling as Trade War Fears Grow
BRICS Launches Initiative for International Payments System
Amid increased geopolitical uncertainty, the BRICS alliance is taking action, as the bloc has launched an initiative for an international payment system. Indeed, Russian foreign minister Sergey Lavrov has announced the efforts for the bloc to create a payment system that rivals the Western-dominated SWIFT in a recent statement.
The efforts come as a global trade war appears to be inching closer. China, one of the original BRICS countries, is caught in a battle of increased tariffs with the United States that may soon create even more divide and disdain between the West and the Global South.
JUST IN: Russian Foreign Minister Sergey Lavrov says BRICS is exploring the creation of a new payments platform. pic.twitter.com/v6buM08lmo
— BRICS News (@BRICSinfo) April 11, 2025
Also Read: BRICS: US Dollar Is Now an Unreliable Currency, Say Analysts
BRICS Launching New Payment System Initiative Amid Rising Global Tensions
The global economy has seen tension increase over the last two weeks. Specifically, the United States unveiled a new Liberation Day tariff plan, introducing a baseline 10% import duty on all nations. The move sparked concern and outrage, with several countries responding in kind.
The US stock market plummeted, with the economy’s fragility being placed front and center. So, the country opted to place a 90-day pause on the tariff for every nation outside of China. However, the presence of these economic policies has not come without preparatory actions by various nations. Among them is BRICS, which officially launched an initiative for an international payment system.
Also Read: BRICS: Will De-Dollarization Take a Giant Leap in 2025?
Russian official Sergey Lavrov discussed the project in a recent statement. “There is an opportunity to form payment platforms that are independent of external influence,” he said. “One of the options is the financial messaging system of the Russian Central Bank.”
Moreover, Lavrov added that the project would be “convenient and completely independent of SWIFT.” Additionally, he highlighted the presence of “several other initiatives under discussion, including within the BRICS framework.”
The proposal to create an alternative payment platform was proposed by Brazil, Lavrov confirmed. Indeed, the nation is the 2025 BRICS chairman and has been outspoken in its de-dollarization hopes for much of the last several years. This move appears to be aligned with that perspective.
Read More