Brics countries “have not and are not” creating an alternative to Swift in their pursuit of financial cooperation, Russian President Vladimir Putin said at the conclusion of the bloc’s annual summit on Thursday.
Putin made the remarks at a press conference after the summit he chaired ended in the Russian city of Kazan. Leaders and delegates from 35 countries converged to discuss pressing issues before the group of major emerging national economies.
The Kazan Declaration – adopted by Brics at the summit – indicated that the countries recognised the benefits of a more transparent and safe cross-border payment infrastructure.
It also described a willingness to explore the “feasibility” of establishing an independent Brics cross-border settlement and depository system.
Xi and Putin vow cooperation for ‘fair world order’ at Brics
Yet the development of an independent Brics settlement infrastructure did not feature in speeches at the summit delivered by Chinese President Xi Jinping and Indian Prime Minister Narendra Modi.