Gold

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 <p>The new <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> expansion could lead to a decline in global SWIFT transactions that can inadvertently affect the US dollar. The 9-member <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance is looking to end cross-border settlements with SWIFT using the US dollar and aims to pay in local currencies. The development adds pressure on the SWIFT payment system leading to a decline in the US dollar-based settlements by <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Continue Gold Buying Spree in 2024</strong></p>
 <p>Florida Senator Marco Rubio was the first to warn that BRICS poses a threat to SWIFT and the US dollar. The BRICS expansion will make more countries cut ties with both the US dollar and the global SWIFT payment system.</p>
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 <p><strong>“<a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>’s members pool foreign currency reserves and lend billions in easy money to pit developing nations against the US and other Western countries,”</strong> he said. The Senator added that the expansion gives them more power to challenge the SWIFT system and the US dollar.</p>
 <p><strong>“This doubles the trade group’s size, enhancing its attractiveness as an alternative to the American and European-led financial system,”</strong> Rubio said.</p>
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 <p><strong>Also Read: BRICS: U.S. Having Less Friends As Developing Countries Unite</strong></p>
 <h2 class="wp-block-heading" id="h-brics-russia-amp-iran-end-swift-system-no-longer-pay-the-us-dollar">BRICS: Russia &amp; Iran End SWIFT System, No Longer Pay the US Dollar</h2>
 <figure class="wp-block-image size-full"><img decoding="async" width="889" height="667" src="https://cdn.thebittimes.com/images/2024/01/27/04cc14f09aa60b3adfe26194a702347b.webp" alt="iran russia countries flags brics" class="wp-image-124038" srcset="https://cdn.thebittimes.com/images/2024/01/27/04cc14f09aa60b3adfe26194a702347b.webp 889w, https://cdn.thebittimes.com/images/2024/01/27/04cc14f09aa60b3adfe26194a702347b.webp 300w, https://cdn.thebittimes.com/images/2024/01/27/04cc14f09aa60b3adfe26194a702347b.webp 768w, https://cdn.thebittimes.com/images/2024/01/27/04cc14f09aa60b3adfe26194a702347b.webp 380w, https://cdn.thebittimes.com/images/2024/01/27/04cc14f09aa60b3adfe26194a702347b.webp 550w, https://cdn.thebittimes.com/images/2024/01/27/04cc14f09aa60b3adfe26194a702347b.webp 800w" sizes="(max-width: 889px) 100vw, 889px">
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   Source: oilprice.com
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 <p>Early this year, <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members Russia and Iran officially ended the SWIFT payment system for trade between themselves. Russia and Iran agreed to carry out transactions directly through banks and will settle trade in local currency and not the US dollar anymore. Read here to know how many sectors in the US will be affected if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> ditches the dollar for trade.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: China Stockpiling 1.39 Million Barrels of Oil Every Day</strong></p>
 <p>Both Russia and Iran were banned from SWIFT after the US pressed sanctions against the two countries. This made both nations decide not to return to SWIFT and find an alternative to the US payment system. Slowly yet steadily, one by one, BRICS countries are looking at every alternative option to bring down SWIFT and the US dollar.</p>
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<div class="cs-entry__tags">
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  <li>BRICS</li>
  <li>Swift</li>
  <li>US DOLLAR</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-expansion-a-threat-to-swift-payment-system-us-dollar-tbt77957.html">https://thebittimes.com/brics-expansion-a-threat-to-swift-payment-system-us-dollar-tbt77957.html</a></p>

BRICS Expansion a Threat To SWIFT Payment System & US Dollar

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