https://www.rt.com/news/557664-eu-brics-hold-summits/
EU and BRICS launch key summits
Two major economic integration organizations – the European Union and BRICS – are holding key summits this week. The leaders of EU member states are gathering in Brussels on Thursday for a two-day meeting, while BRICS countries are holding a virtual gathering hosted by China on the same dates.
The situation in Ukraine and its bid to become part of the Union top the agenda at the EU summit. European leaders will discuss economic crises around the world and how they affect the continent, as well as key foreign policy issues.
Meanwhile, Beijing will this week be hosting the 14th summit of BRICS emerging economies, uniting Brazil, Russia, India, China and South Africa. Member states will chart plans for closer economic, security and public health cooperation, and set goals for reviving the global economy in the wake of the Covid-19 pandemic.
READ MORE: Russian SWIFT replacement ready for BRICS – Putin
Beijing, which holds the rotating presidency of BRICS, has argued for expanding the group by including Argentina as a full member. The Latin American nation has expressed its desire to join BRICS and will be attending the summit.
The virtual meeting of BRICS leaders will be the highest-profile international event for Russian President Vladimir Putin since he ordered an attack against Ukraine in February. As Western nations have sought to punish Moscow with economic sanctions, Russia has prioritized trade with nations including China and India, to mitigate the impact of Western trade restrictions.
https://www.rt.com/business/557620-r...ssenger-brics/
Russian SWIFT replacement ready for BRICS – Putin
Russian President Vladimir Putin said on Wednesday that banks from BRICS nations can freely connect to the System for Transfer of Financial Messages (SPFS), Russia’s alternative to SWIFT.
While addressing a BRICS business forum, Putin said that together with its partners – Brazil, India, China and South Africa – Moscow is developing reliable alternatives for international payments.
“The Russian system for transmitting financial messages is open to connecting banks from the five countries,” he said, adding: “The geography of the use of the Russian payment system Mir is expanding.”
The Russian president also noted that work is underway to create an international reserve currency based on a basket of BRICS currencies.
READ MORE: China calls for BRICS expansion
SPFS has similar functionality to SWIFT and allows the transmission of messages between financial institutions in the same format. It was created by the Bank of Russia as an alternative to the Belgium-based system in 2014, when Moscow was hit with Western sanctions over the conflict in Ukraine.
In April, Russian Central Bank governor Elvira Nabiullina said most Russian lenders and 52 foreign organizations from 12 countries had received access to SPFS, and that the regulator would keep the identity of payment system members secret.
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