Russia Develops Alternative Payment System to Allow Trade Without U.S. Dollars

Russia is building an alternative to SWIFT that will allow BRICS and developing countries to conduct cross-border transactions in local currencies instead of US dollars.

20 countries are already on board to use the new payment system once launched.

Russia plans to pitch the system to 159 countries across Asia, Africa, Latin America, and other developing regions.

The new system would allow these countries to decide whether to use local currencies or dollars for trade.

Russia's Central Bank Governor said over 159 foreign participants will learn details about the payment system when it's ready to launch.