BRICS Against SWIFT: A Football Team of Countries Against the ‘Emperor’

Source: Московский Комсомолец | Original Published At: 2026-09-10 14:51:35 UTC

Key Points

• Vladimir Putin will attend the BRICS summit in India, where leaders of eight of the eleven member states are expected to discuss fintech cooperation.
• BRICS was formally established in 2009 and expanded to 11 members with Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia in 2024 and Indonesia in 2025.
• The summit agenda includes consensus themes such as sustainable development, a multipolar world, innovation, and reform of global institutions.
• De-dollarization is being discussed cautiously, with no current plans to create a single BRICS currency.
• The Reserve Bank of India is expected to present proposals for using national fast payment systems and central bank digital currencies to settle transactions without SWIFT.
• Putin is scheduled to meet New Development Bank President Dilma Rousseff to discuss possible mechanisms for resuming financing for Russia under the bank's 2027-2031 strategy.
• Putin will also hold bilateral meetings with leaders from India, South Africa, Egypt, Ethiopia, the United Arab Emirates, and Malaysia, while a full meeting with China's President Xi Jinping is expected at the APEC summit.