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    Russia Proposes to Establish SWIFT Analogue Within BRICS

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    Russia's Central Bank proposed to discuss the creation of a BRICS analogue to the western SWIFT international payment system, the bank's deputy governor said Friday.

    MOSCOW (Sputnik) — The BRICS group is a union of five economies, comprising Russia, Brazil, India, China and South Africa, which cooperate on a wide range of issues, including finance and economy.

    "Seriously speaking, there is no analogue to SWIFT in the world right now. The only issue that might be of interest to all of us is to consider and discuss the possibility of creating a system that would apply to all BRICS countries to protect ourselves, used as a backup," Olga Skorobogatova said.

    SWIFT, an acronym for the Society for Worldwide Interbank Financial Telecommunication, binding together over 10,000 financial organizations in 210 countries, provides the electronic infrastructure for $6 billion in interbank operations every day.

    Following deterioration of Moscow's relations with the West over Ukrainian crisis in 2014, the European Union and the United States considered disconnecting Russia from the SWIFT international system.

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    payment service, SWIFT payment system, BRICS, Russia
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