Russian economy overcomes stagnation — PutinBusiness & Economy October 24, 14:28
Ukrainian Jews point to Poroshenko’s Nazi photo blunder on TwitterWorld October 24, 13:51
Russian ‘It Girl’ candidate wants to change the rules of the game in 2018 electionRussian Politics & Diplomacy October 24, 13:42
Moscow court arrests radio host’s attacker for two monthsSociety & Culture October 24, 13:37
Kremlin urges public to avoid tinging Ekho Moskvy attack with political intrigueRussian Politics & Diplomacy October 24, 13:18
Press review: Iraq, Russia to deepen ties and Syrian opposition, Damascus eye direct talksPress Review October 24, 13:00
Regiment of S-400 to enter duty in Sevastopol in February 2018Military & Defense October 24, 12:51
Serbian defense chief blasts US ‘ultimatum’ to choose between Russia or WestWorld October 24, 12:49
Russia to increase gas production by 12%, coal by 6% in 2017Business & Economy October 24, 12:47
ST. PETERSBURG, June 18. /TASS/. An analogue of the SWIFT payment system for the countries of the BRICS, a loose association of Brazil, Russia, India, China and South Africa, may be an alternative to the international system but it may well cooperate with it, Sergei Katyrin, the President of the Russian Chamber of Commerce and Industry, told TASS.
"I think it is a realistic project, which may be seen as a rival to SWIFT. But this system should be capable of integrating and working along with SWIFT," he said. "I think this project should be tackled not only from the point of view of operating within the BRICS but also with the rest of the world."
He said that at the initial stage, this project would not override SWIFT but in a span of ten to fifteen years when the BRICS countries were among the leading ones this project would be capable of being a certain alternative to SWIFT.
"But I think it will take years. It takes rather serious economies. Besides, banks are to recognize this system, to work with it. We do not want to isolate ourselves, the five or six of us, to work in this system, while all others work in another one. It should be system capable of being integrated," Katyrin said.