Russia Precipitates the Abandonment of the SWIFT International Payments System among BRICS Countries

Russia Precipitates the Abandonment of the SWIFT International Payments SystemThe unipolarity of the United States in the world financial system is rapidly fading. As a consequence of their political near-sightedness, Washington has obliged other countries to establish instruments of financial cooperation that abandon the use of the dollar, as well as multilateral institutions that are no longer guided by the rules imposed by the US Treasury Department.

The fact is that finances and money have been utilized as instruments of foreign policy, that is, as mechanisms of global domination that look to undermine both geopolitical adversaries (Russia) as well as rising economic powers (China) that resist submitting themselves to the North American yoke.

Faced with the impossibility of establishing their strategic objectives through diplomacy, the United States is engaged in a financial war, either through economic embargoes, speculative attacks, freezing bank accounts of politicians and businessmen, etc.


About The Project

Funded by the Open Society Foundation for South Africa (OSF-SA), the project focuses on the changing dynamics and implications of South- South cooperation, in the context of South Africa's avowed commitment to this cause in its international relations. The need to understand the complexities of South-South dynamics and their implications for foreign policy is particularly urgent for South Africa, which, while working to advance South-South multilateralism, must also contend with the corresponding need to remain true to other universal values underpinning its foreign policy as well as guarantee the specific interests of its immediate environment, that is, the African continent.

Key Themes

In recent times, South-South cooperation has received renewed attention, inspired mainly by the emergence of new southern clubs such as IBSA, BRICS and CELAC. This trend reflects a growing push by developing countries to respond to current global challenges in a coherent and concerted manner.


Aims and Objectives of The Project

The aim of the project is therefore to contribute, through critical research and dialogue, towards a nuanced understanding of contemporary South-South cooperation. In particular, it seeks to appreciate the basis on which countries in the South cooperate or compete with one another, and the implication of these dynamics for South Africa's policy.


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