Beyond SWIFT: BRICS Seeks Financial Independence With New Payment System

Reshaping the Future of Global Power: A New World Order Emerges

Photo by Valentin Antonucci:

The October 2024 BRICS summit in Russia brought together leaders from Brazil, Russia, India, China, South Africa, and many others. It showed the world that BRICS is a growing force, and a lot happened with significant potential impacts.

Here’s the gist:

• BRICS got bigger: Iran, Egypt, Ethiopia, and the UAE officially joined, and over 30 other countries are interested. This shows that BRICS is becoming a go-to place for countries wanting more say on the world stage.

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New money systems? Russia suggested a BRICS payment system to compete with SWIFT (the Western-dominated one). This comes after Western sanctions on Russia, and it’s all about making trade easier between BRICS members without using US dollars. It’s a big challenge, but it shows BRICS wants financial independence.