Reuters reported that sanctioned Russia has called on the BRICS countries (Brazil, Russia, India, China and South Africa) to create a joint alternative payment system.
Russia’s attack on Ukraine was punished by unprecedented sanctions by Western countries, which froze about half of the foreign exchange reserves of the Russian Central Bank and cut off the country’s largest banks from the SWIFT network that allows communication between financial institutions. Visa and MasterCard have halted operations in Russia.
Photo: Alexander Astafyev / Sputnik / Sputnik via AFP
Russian Finance Minister Anton Siluanov on Friday reported a significant deterioration in the global economic outlook as a result of the sanctions at the BRICS ministerial meeting, but also emphasized that the unprecedented economic measures
They are destroying the foundations of the current international monetary and financial system based on the US dollar.
Russia has also created a SWFS-like banking messaging platform, and launched its card payment solution in 2015 under the name MIR, after Russia had long been preparing for tougher Western sanctions. According to a statement from the Ministry of Finance, BRICS ministers agreed on the importance of working together to stabilize the current economic situation. According to Siluanov, the Allies are able to cope with the artificially generated crisis for the benefit of their economy and the world economy.
