Putin asks BRICS to consider SWIFT alternative, a grain exchange, own reinsurance firm
BusinessLine 48 min ago·13 Sept 2026, 1:23 pm
Russian President Vladimir Putin has urged BRICS nations to explore alternatives to the global financial system, specifically proposing a new grain exchange and a reinsurance company. This move signals a push to reduce reliance on Western-dominated institutions like the SWIFT payment network. While the group has not yet agreed on a common currency, the focus is shifting toward developing an independent digital payment system known as BRICS Pay.
For investors, this development highlights the growing fragmentation of the global financial order. As geopolitical tensions rise, the diversification of trade and payment mechanisms becomes a key theme. While India has clarified that a unified currency is not on the table, the push for alternative financial infrastructure suggests a long-term structural shift in how international trade is settled.
What to watch next is the progress of BRICS Pay. If this digital payment system gains traction, it could reduce the friction and costs associated with cross-border transactions for member nations. Investors should monitor whether other major economies outside the bloc adopt similar systems, as this could signal a lasting change in the international financial landscape.
Excerpt from BusinessLine
Stressing that trade within BRICS member countries has reached $1.2 trillion, Russian President Vladimir Putin on Sunday sought “a closer look” on his proposals — establishing a BRICS payment, depository and clearance infrastructure, a reinsurance mechanism, and a grain exchange — terming those as highly promising.…Read the original at BusinessLine
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