Critical statement from Russia: "BRICS is developing an alternative to SWIFT."

Russian Finance Minister Anton Siluanov announced that BRICS countries are working on establishing an international payment system based on their national currencies. In his statement in Moscow, Siluanov emphasized the critical importance of this initiative for global trade and economic cooperation, stating, "It is crucial to create a financial infrastructure for the development of trade and our economies."

The aim of the new system is financial independence and lower costs. This move is seen as part of a process accelerated by the sanctions imposed by Western countries on the Russian financial sector. Due to restrictions on access to the SWIFT system, BRICS countries continue to seek alternative mechanisms that will make them less dependent on external trade and financial transactions. The BRICS Pay project, initiated in 2018, aims to enhance security and transparency in international transactions while reducing transaction costs.