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By Rhod Mackenzie

The Mir card, CNAPS, and CIPS are financial messaging systems used for national domestic and cross-border interbank payments in Russia, China, and Iran respectively. These systems were seen as potential alternatives to the Western-dominated payment systems. However, this percepti...

By Rhod Mackenzie

According to Maxim Osadchiy, the head of the analytical department of BKF Bank, countries worldwide are actively developing alternatives to the SWIFT interbank system for making payments. However, these alternatives still only account for a small share of traffic, representing up...

By Rhod Mackenzie

On January 1, Russia took over the chairmanship of BRICS. Since the beginning of this year, five more countries have joined the association: Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. Argentina was also expected to join, but its new president, Javier Miley, abruptly change...

By Aleksei Kuznetsov

The nations of BRICS have repeatedly called for the enhancement of their role and status within the current global financial system, which was long overdue. In this vein, the declaration of the 11th Brazil Summit held in November 2019 expressed disappointment of BRICS leaders...

By Rhod Mackenzie

During a meeting with the Chinese Premier Li Qiang on December 19, Russian Prime Minister Mikhail Mishustin stated that the use of national currencies for payment of goods and services between Russia and China has increased. What is the the potential trade turnover between the tw...

By Rhod Mackenzie

In the upcoming years, the financial world is poised for a genuine revolution that will ultimately erode the monopoly of the major Western banks. This announcement was attributed to Russian President Vladimir Putin with regards to analysts familiar with this subject. The primary...