Article originally appeared on www.zerohedge.com.
On February 26th, 2022, the U.S., EU, UK and Canada, agreed to ban a select group of Russian banks from the Society for Worldwide Interbank Financial Telecommunications, aka… SWIFT.
The move was originally intended to cripple Russia’s financial system in an effort to pressure Putin into ending his military operations in Ukraine. Seven Russian banks were denied access to SWIFT, initially causing somewhat of a negative impact on the Russian economy, but this move ultimately backfired on the U.S and its allies last week when, during the BRICS conference, the bloc introduced BRICS Pay.
While there are some news outlets giving this story a bit of attention, it’s not nearly getting the exposure it deserves, as this is one of the biggest economic developments of our time. In fact, 159 out of 195 countries will have the ability to bypass the SWIFT system entirely using BRICS Pay …
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