Трансформация международной финансовой системы: роль платформы BRICS Bridge

Abstract

The article examines the sanctioning tools of unfriendly countries used to restrict international financial activities by creating obstacles in cross-border operations using correspondent accounts and the SWIFT financial messaging system. The dependence of the global financial system on the US dollar and, consequently, on American banks allows the US and its allies to abuse their geographical and political position, using sanctions as a non-competitive weapon in the financial sphere. Many states consider the use of the US dollar in international trade as one of their greatest vulnerabilities under current conditions. Target states of sanctions are aware of all the emerging risks and are in search of new effective solutions to ensure foreign economic activities, creating new platforms and mechanisms capable of replacing existing technologies for conducting cross-border currency transfers, mitigating the risks of sanctions on specific elements of payment infrastructure or specific participants in transactions. One such solution is the use of central bank digital currencies in international settlements. Thus, in June 2024, the Ministry of Finance of the Russian Federation announced a platform for settlements in national currencies among BRICS countries aimed at establishing direct financial logistics between the central banks of the union’s countries. The article discusses the mechanism for conducting cross-border transfers using this platform, analyzes possible risks, and provides recommendations for their elimination.