Russia And the BRICS and the SCO took advantage of the opportune moment For a fundamental change in the global economy, writes in his article For Forbes analyst one of the leading internationally renowned consulting organizations specializing in the assessment of risks For doing business, Control Risks Timothy Stanley.
In an effort to make an alternative to the ubiquitous dollar, Russia and China last year signed a currency swap agreement to $ 25 billion. Sberbank of Russia has announced the release of letters of credit involving payment from the Export-import Bank of China, the Russian authorities are studying the possibility of issuing bonds in yuan. And after in the West, told about the possibility of off Russia from SWIFT on the background of the Ukrainian fall, Moscow and Beijing are thinking about creating alternative SWIFT payment systems For the BRICS, according to the publication, reports RIA " Novosti ".
"The Central banks of several regional economies, including China, the Russian Federation and Kazakhstan, buy gold in unprecedented amounts, which might mean that preparations For the establishment in the medium term of a financial instrument, backed by gold," writes the analyst. Russia believes that the West is preparing a " Machiavellian plan ". Moscow is convinced that neither the politicians, nor the media, nor the financial institutions of the West can not be trusted, and for many reasons - ranging from military intervention of NATO in Afghanistan and Iraq, and ending with the coup in Ukraine and attempts to deprive the Russian Federation of the right to hold the world championship on football of 2018. While the member countries of the BRICS saw that the West is not going to reform the Bretton Woods system which links are international monetary Fund (IMF) and international Bank for restoration and development (IBRD), and began to create an alternative to Western financial institutions. For this we have created a development Bank and Asian infrastructure investment Bank (AIIB), reminds Timothy Stanley. Against this background, the combined BRICS summit and the SCO in Ufa, which will be held in July, extremely symbolic, and the West should pay attention to it - in the same city simultaneously Commissioners will gather the world's largest growing economies, And countries that want to provide their own sovereignty and security of the vast territory of Eurasia." Western "isolation" of Russia wins to create fresh economic realities that must lead To growth more balanced and sustainable economy for decades, " writes the analyst. Remember, at the end of may, the CBR has made the initiative to discuss the development within the BRICS analog system international transmission of financial information SWIFT. SWIFT is an International system of transfer of financial messages. It is connected to more than 10 thousand of the Largest organizations in 210 countries of the world. Every year is carried out through SWIFT 1, 8 billion messages, the volume of transactions is 6 trillion dollars a day. In Russia, users of SWIFT are 600 Russian credit institutions and organizations, which account for about 80% of the settlements. The number of SWIFT users Russia ranks second after the United States.

sections: Politics