BYE BYE SWIFT
https://x.com/RealPepeEscobar/status/1941894415569617258
BYE BYE SWIFT
The Russian delegation is the second largest at BRICS in Rio. Crammed with heavyweights - from Rosatom and Rostec directors to top presidential advisor Maxim Oreshkin, who addressed the BRICS Business Council yesterday.
Arguably it’s Russian Finance Minister Siluanov who dropped the major bombshell - on the road to de-dollarization front. "The New Development Bank (NDB) can become BRICS' cross-border settlement hub." That’s a DIRECT, straight to the point, sanction-proof alternative to SWIFT.
That means, as Siluanov stressed, the NDB providing loan guarantees for mega-infrastructure projects all across the BRICS sphere.
ALL BRICS members ratified the move. Next step: organizing a working group, a “mere formality” according to Siluanov.
China was particularly incisive. Because Beijing has been working for quite some time to set up a BRICS-supported payment system.
THIS IS IT. One of the good results out of the priorities set by the Brazilian presidency in 2025. Let’s see what else may come up in the final declaration.
posted by Satish Sharma at
01:57
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