Get 125% / $2,500 on 1st deposit!
New players only. Exclusive Welcome Bonus of up to $2,500
Russian Foreign Minister Sergey Lavrov has suggested that an alternative financial messaging system being developed by BRICS could eventually be accessible to countries outside the group. Speaking to reporters in Almaty on April 11 following a Commonwealth of Independent States (CIS) meeting, Lavrov underlined efforts within BRICS to reduce reliance on Western-controlled networks like SWIFT.
The push for an alternative payment framework aligns with broader BRICS priorities, including de-dollarization and stronger financial integration. Member states have increasingly looked at digital currency solutions and cross-border payment tools to shift away from established Western-led financial structures.
According to Lavrov, Brazil has put forward a proposal within BRICS to build a new payment system. Work is already in progress, with the aim of creating a platform that not only serves BRICS members but also opens access to non-member states.
“There are a number of other initiatives currently under consideration within the BRICS format, one of them being a proposal by Brazil to create an alternative payment platform, with work underway on this track,” Lavrov noted.
He went on to say, “I am confident that countries, even those outside BRICS, will have access to such mechanisms when they are created.”
His remarks reflect a wider geopolitical goal of offering developing countries financial tools that don’t rely on Western infrastructure. Lavrov pointed to Russia’s own financial messaging system, developed by the Bank of Russia, as an example of how nations can operate outside of SWIFT.
“There is an opportunity to form payment platforms independent of external influence, one example being the financial messaging system of the Bank of Russia. It is convenient, and it does not depend on any SWIFT network,” he said.