BRICS nations are accelerating efforts to bypass SWIFT using national currencies and common payment systems to increase influence.

The entities involved

• BRICS →

  association of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates

  • Narendra Modi represented India at the BRICS summit, focusing on trade, energy, and defense cooperation.Mon 17:04
  • India hosted the BRICS summit, where talks were held regarding India-China border issues.Mon 14:25
• China →

  cultural region, ancient civilization, and nation in East Asia; mostly refers to the People's Republic of China in political situation and rarely refers to the Republic of China

  • The European Central Bank is forced to raise interest rates due to energy price shocks from the Iran war and an influx of Chinese exports.Mon 17:49
  • The Middle Corridor, linking Central Asia and Europe, is gaining significance in regional trade and energy routes.Mon 17:06
• India →
  • Narendra Modi and Droupadi Murmu jointly launched development projects worth over ₹47,600 crore on June 1st.Mon 17:59
  • India conveyed concerns to Donald Trump regarding sailor safety.Mon 17:48

Related events

• Central banks, including the RBI, are exploring the use of digital currency for trade settlement among BRICS members.Sep 11
• BRICS is promoting local-currency settlement as a hedge and seeking urgent quota changes and a bigger voice within the global financial system.Sep 16
• Trump threatens tariffs over de-dollarization initiatives while India considers CBDCs during a BRICS summit.Sep 4
• BRICS finance ministers met in Johannesburg, while Kazan named the Cross-Border Payments Initiative, coinciding with India's PM speaking at a global fintech event.Sep 16
• BRICS and the Reserve Bank of India are exploring ways to reduce cross-border payment costs and rolling out the digital rupee pilot scheme.Aug 14