BRICS nations have not condemned Russia over Ukraine because they stand together. Since 2019 they have been working on an alternate payment network to SWIFT and it’s my suspicion that it’s ready. India, Russia, and China have been exploring an alternative to the US-dominated SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment mechanism in a bid to smoothen trade with countries facing American sanctions since 2019.
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Articles mentioned in this video here:
- Russia has internal replacement for SWIFT, cenbank says
- Western sanctions could isolate Russia into trading with China, BRICs only: Economist
- Beijing Says China and Russia Are Not Allies
- Brazil will not condemn Russia’s special military operation in Ukraine: President
- India walks tightrope over calls for Russia’s isolation
- How South Africa is tied to Russia through R25.5 billion in BRICS cash
- India-Russia-China explore alternative to SWIFT payment mechanism
- New Development Bank
- BRICS
- BRICS Pay — Single Payment System of the BRICS Countries
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