Russian State Duma Deputy Chairman: BRICS SWIFT Counterpart Needed for Creating a New Economic Reality

Russian State Duma Deputy Chairman Alexander Babakov has called for the creation of a BRICS alternative to the SWIFT messaging system, highlighting the need to reduce dependence on Western institutions and simplify settlements outside the dominant dollar system. Babakov believes that such a native banking interconnection messaging system would allow for the development of native rails, freeing trade and settlements from the Western dollar-denominated system. He also sees this as an opportunity for the African continent to escape its neocolonialist state by reducing dependence on Western banks and funds. The BRICS countries, including Brazil, Russia, India, China, and South Africa, among others, would need to develop a compatible system that also ensures a high level of security and data protection. Countries like Iran and India are already expressing support for increased integration among the payment systems of these nations.