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Brazilian government does not support BRICS payment platform requested by Russia

Governo brasileiro não apoia plataforma de pagamentos dos Brics pedida pela Rússia

| Photo: Edu Andrade/Ascom/ME

50853223448 The Brazilian government defends the creation of a new global payment system to replace Swift, and does not support the establishment of specific platforms for some countries, such as the one that Russia requested from the BRICS group. The information is from the Secretary of International Economic Affairs of the Ministry of Economy, Erivaldo Gomes.

Last Friday (8), the Russian finance minister, Anton Siluanov, requested at a meeting of the BRICS that the group create its own financial cooperation system and integrate payment and cards, in addition to using national currencies in export and import operations.

This is an attempt by Russia to circumvent the economic sanctions it suffered after invading Ukraine. Among other things, the country lost access to the Swift system and no longer has operations with international card operators such as Visa and Mastercard. In addition to Brazil and Russia, the BRICS group also includes India, China and South Africa.

“Brazil understands that this it should be at the multilateral level, a global platform, which is not specific to a few countries, in order to have penetration, an adequate response. A Swift 2.0, for example. Even to avoid fragmentation,” Gomes told journalists. “It’s a topic that the Russians have raised [na última reunião dos Brics], it’s not a work topic, it’s not on our agenda.”

50853223448The Brazilian secretary said that, although it works and is reliable, Swift does not have the necessary agility to the current dynamics of the world economy. “A payment that we make from here to a multilateral organization, to an institution, sometimes takes two or three days to reach their account. It is a bureaucratic, expensive, time-consuming process, not compatible with the demands of today’s economy.”

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