This news just out – MAJOR!
Russian President Vladimir Putin said on Wednesday that banks from BRICS nations can freely connect to the System for Transfer of Financial Messages (SPFS), Russia’s alternative to SWIFT.
While addressing a BRICS business forum, Putin said that together with its BRICS partners – Brazil, India, China and South Africa – Russia is developing reliable alternatives for international payments.
“The Russian system for transmitting financial messages is open to connecting banks from the five countries,” he said, adding: “The geography of the use of the Russian payment system Mir is expanding.”
The Russian president also noted that work is underway to create an international reserve currency based on a basket of BRICS currencies.