BRICS member Russia confirmed that the country is building an alternative to the SWIFT payment system without integrating the US dollar. The new payment mechanism will settle cross-border transactions in local currencies making BRICS and other developing countries sideline the US dollar.

Watcher Guru had recently reported that 20 countries are already on board to initiate transactions in local currencies when Russia’s new payment system is out. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.