Russian President Vladimir Putin has said the multi-nation BRICS group should explore a SWIFT-like cross-border payments system immune to Western sanctions as well as use national digital currencies in financing investment projects to end US dollar dominance.
Ahead of the 16th annual summit of leaders of BRICS to be hosted by Russia, Putin also said the time has not come yet for a common BRICS currency but added that the 10-nation bloc is exploring the use of digital currencies, for which his country is working with India and other nations.
Russia, which was slapped with sweeping sanctions by the US and its allies in the aftermath of the conflict with Ukraine, wants to circumvent the global financial system by creating a new payments system based on a network of commercial banks linked to each other through the BRICS central banks.
Putin said BRICS member states should focus on the use of national currencies, new financial instruments and the creation of an analogue of SWIFT.
Prime Minister Narendra Modi is scheduled to attend the summit in the Tatarstan city of Kazan on October 22 and 23.