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Russia has signaled a bold push to globalize the BRICS payment network, positioning it as a direct alternative to SWIFT and a step toward reshaping the international financial system.
Speaking at a recent economic forum, Russian officials revealed ambitions for the BRICS (Brazil, Russia, India, China, South Africa) bloc to establish a unified payment infrastructure that would reduce reliance on Western-dominated financial channels. According to Russian Deputy Foreign Minister Sergey Ryabkov, the proposed system would not only serve BRICS members but also extend its reach to other emerging economies.
“The current financial architecture is outdated, politicized, and overly controlled by a handful of actors,” said Ryabkov. “We believe the BRICS payment network can serve as a fairer, more inclusive system that reflects today’s multipolar world.”
The move is widely seen as a response to Western sanctions and the exclusion of Russian banks from SWIFT following the invasion of Ukraine. With SWIFT playing a central role in international wire transfers, Russia and its allies have sought to create alternatives that reduce exposure to Western pressure.
Though still in development, the envisioned BRICS payment platform would integrate blockchain technology and facilitate cross-border settlements in local currencies. If successful, it could offer a faster, cheaper, and politically neutral alternative to traditional banking rails.
Critics argue that replicating SWIFT’s global scale and trust will be a formidable challenge. Interoperability, security, and geopolitical coordination across diverse economies remain significant hurdles. However, with growing dissatisfaction among developing nations over Western control of global finance, the BRICS initiative may find fertile ground.
China and India, the two largest BRICS economies, have also been exploring alternatives to SWIFT. China’s Cross-Border Interbank Payment System (CIPS) and India’s Unified Payments Interface (UPI) are already gaining traction regionally. A unified BRICS framework could bring these efforts under one strategic umbrella.
As the global order continues to shift, the question is no longer whether SWIFT will face competition—but how soon, and how strong that competition will be. For Russia and its BRICS partners, breaking the SWIFT grip is no longer a distant goal—it’s a strategic imperative.
