Russian President Vladimir Putin has stressed the need for independent financial systems within BRICS, focusing on developing an alternative to Swift. He mentioned the idea of ​​a common BRICS currency but urged caution, noting that it is not yet fully developed. His comments hint at cautious, deliberate moves, with broader financial strategies still being worked out.

Russian President Putin Emphasizes Gradual Approach to BRICS Currencies, Focuses on Alternative to Swift

Russian President Vladimir Putin discussed the possibility of creating a unified BRICS currency and efforts to create an alternative to the Swift financial messaging system at a BRICS press conference on Friday in Novo-Ogarevo, Russia.

Highlighting the work being done to develop an alternative to the BRICS Swift system, Putin described:

It is a form of exchanging financial information between central banks — an alternative to Swift, the system that supports international payments.

The Russian president stressed that these efforts are necessary to establish independent, reliable financial networks. Putin noted that such systems are necessary to avoid the restrictions imposed by existing global platforms, which he described as politically restrictive and contrary to the principles of a fair global economy.

Referring to the topic of the BRICS common currency, Putin stressed the importance of a cautious approach, stressing the need for gradual progress. He stated:

Regarding the BRICS common currency, we are not considering this issue at the moment. It is not yet mature.

“We must be very careful; we need to act gradually, not hastily in this matter,” the Russian leader stressed.

The BRICS nations are focusing on strengthening financial cooperation through other means. Putin highlighted ongoing efforts to expand the use of national currencies and create instruments to ensure safe financial transactions. He explained that these steps are aimed at strengthening financial partnership within the group while protecting the integrity of transactions.

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