Putin urges caution on BRICS currency and Swift alternative

Russian President Vladimir Putin has emphasised the need for independent financial systems within the BRICS alliance, focusing on developing an alternative to the Swift financial messaging system.

Speaking during a BRICS media meeting at Novo-Ogarevo, Putin underscored the importance of creating secure systems for international settlements between central banks, noting that the ongoing efforts are crucial for avoiding restrictions imposed by existing global platforms.

He described these efforts as an “exchange of financial information among central banks — an alternative to Swift, the one supporting international settlements.”

While addressing the idea of a unified BRICS currency, Putin urged caution, stating, “As regards the common BRICS currency, we do not consider this issue at the moment. It is not mature.”

He further emphasised the importance of a careful approach, saying, “We should be very careful; we need to act gradually, without haste in this regard.”

In the meantime, BRICS nations are focusing on enhancing financial cooperation through the use of national currencies and developing secure financial tools.

These steps, Putin explained, are intended to strengthen partnerships within the BRICS group while safeguarding financial transactions.

He stressed the broader goal of establishing independent, reliable financial systems, which are necessary to overcome the limitations of politically-influenced global platforms, stating that they are “contradictory to the principles of a fair global economy.”