⭐ Merited by pooya87 (5)
This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.
Apparently BRICS now represents roughly half the population and GDP of the entire world
Half the world’s population and still can’t build a working alternative to SWIFT. Sounds more like a geopolitical book club than a real economic bloc.Apparently BRICS now represents roughly half the population and GDP of the entire world
CIPS (Cross-Border Interbank Payment System) is a system made by China.
SPFS (System for Transfer of Financial Messages) is a system made by Russia.
https://www.middleeastmonitor.com/20250403-25-countries-join-russias-payment-system-as-an-alternative-to-swift/
https://statrys.com/blog/what-is-cips-china?utm_source
Some Russian banks have been restricted from SWIFT for a long time, some of the other banks conducting their business. But they are finding alternative. We can easily understand that it will not be difficult to operate without SWIFT but temporary problems will have to be faced. BRICS member countries are increasing. If almost half of the world's population is included in this coverage or many countries are added here, then finding an alternative to SWIFT is not a problem. Many countries are still outside BRICS, but they have started coming. As new countries join BRICS, their control over raw materials, markets and geographical position has become more powerful.
BRICS is carrying out its activities extensively and they are doing everything smoothly to keep their position more stable worldwide. That is why we need to give more time considering the global situation as we are moving forward as fast as we can. But it is certain that this organization is moving forward on the right track.