New SWIFT Alternative: the creation by the autocratic axis of a platform to avoid U.S. sanctions pressure and Beijing’s attempts to weaken the U.S. dollar

On August 16, the head of the Central Bank of the Russian Federation, Elvira Nabiullina, said that 159 out of 196 internationally recognized countries had agreed to use the new payment system created by the BRICS international political and economic union.

The new system’s launch, which will become an alternative to SWIFT, is scheduled to be announced at the BRICS summit in Russia in October 2024.

Nabiullina’s statement came a few days before the meeting between Prime Ministers Mikhail Mishustin and Li Qiang in Moscow on August 22, during which Russia and China announced an agreement to ensure “uninterrupted” payments.