Russian President Vladimir Putin has emphasized the need for independent financial systems within BRICS, focusing on developing an alternative to Swift. He addressed the idea of a shared BRICS currency but urged caution, noting that it’s not yet fully developed. His remarks hinted at careful, deliberate moves, with broader financial strategies still unfolding.

Russian President Putin Emphasizes Gradual Approach to BRICS Currency, Alternative to Swift in Focus

Russian President Vladimir Putin discussed the possibility of a unified BRICS currency and efforts to create an alternative to the Swift financial messaging system during a BRICS media meeting Friday at Novo-Ogarevo, Russia.

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

This is the exchange of financial information among central banks — an alternative to Swift, the one supporting international settlements.

The Russian president emphasized that these efforts are essential for establishing independent, reliable financial networks. Such systems, Putin noted, are necessary to avoid the limitations imposed by existing global platforms, which he described as politically restrictive and contradictory to the principles of a fair global economy.

Touching on the topic of a shared BRICS currency, Putin underscored the importance of a cautious approach, stressing the need for gradual progress. He stated:

As regards the common BRICS currency, we do not consider this issue at the moment. It is not mature.

The Russian leader emphasized: “We should be very careful; we need to act gradually, without haste in this regard.”

BRICS nations are concentrating on enhancing financial cooperation through other means. Putin highlighted ongoing efforts to expand the use of national currencies and to create tools that ensure secure financial transactions. These steps, he explained, are aimed at strengthening financial partnerships within the group while safeguarding the integrity of transactions.