In 2022, the US kicked Russia out of the SWIFT system, causing significant losses for Russian businesses and ordinary citizens. Even Switzerland’s traditionally neutral banks joined this looting. The monopoly over the financial system and global currency once gave the U.S. and EU such capability, but at the 2024 BRICS summit, Western countries permanently lost this advantage.
Previously:
Russia outlines proposal for BRICS DLT cross border payment system
A new research paper out of Russia proposes the future of the international monetary and financial system. The country is the current chair of BRICS which is meeting next week. One of its proposals is a CBDC and DLT system to support local currency payments. While the paper makes some interesting points, the mixture of fact and propaganda undermines the document’s gravitas. The document was authored by the Ministry of Finance, the Bank of Russia and Yakov and Partners.
Russia outlines proposal for BRICS DLT cross border payment system
Moscow’s defiance of Western elements, particularly the economic sanctions and the military aid to Ukraine, has not only set an example for other nations to follow but also eroded the legitimacy of the West’s ideological supremacy.
Putin: A Champion of the Global South?
The Russian payment system Mir works on the entire territory of Venezuela, said the country’s Foreign Minister Ivan Gil Pinto on November 16 after a meeting with his Russian counterpart Sergey Lavrov.
Russian payment system Mir launched across Venezuela
After returning to net gold buying in June, central banks continued to add to their gold reserves in July.
Central Bank Gold Buying Continued Hot in July
From the time that Russian forces invaded Ukraine in February 2022, Western media coverage of the war has been dominated by the perspectives of Ukrainians who support Zelensky’s government and who oppose Russia. While it is vitally important that we be informed of their perspective, we cannot truly understand the Ukraine war without hearing from Ukrainians who reject Zelensky’s rule. In the Western mainstream discourse, those Ukrainians are virtually invisible.
Invisible Ukrainians: A conversation with a professor from the Donbas
Fed Chairman Jerome Powell made several bizarre, if not shocking, admissions during a prank call with two Russians posing as Ukrainian President Volodomyr Zelensky, where they discussed topics ranging from inflation, to the Russian central bank, to joking about having a ‘printing press’ in the basement and possibly setting up a federal reserve bank in Kiev.
Powell Makes Unexpected Admissions During Prank Call With Fake Zelensky
The operator maintains the list of countries eligible for money transfers and will post it on the payment system’s website
Bank of Russia registers new payment system Astrasend
Ms. Cat’s Chronicles 
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