OREANDA-NEWSIndia, Russia and China intend to create their own alternative to the international payment system SWIFT to facilitate trade between countries in the face of a possible increase in sanctions by the United States. This was reported on Thursday by The Economic Times, citing sources.

It is planned that the Chinese national interbank bank transfer system CIPS will be connected to the Russian counterpart of SWIFT - the Bank of Russia Financial Message Transmission System (SPFS). India is still under development of a similar service. Upon completion of the tests, she intends to integrate it with the Russian platform under the control of the Central Bank of the Russian Federation, the publication notes.

The system created with the cooperation of the three countries will work on the principle of converting electronic messages about payments in accordance with the local financial standards of India, the Russian Federation and China. As the newspaper points out, a discussion of the creation of an analogue of SWIFT may take place at the BRICS summit in Brazil, Brazil, Russia, India, China and South Africa.

BRICS countries seek to expand trade in national currencies, emphasizes The Economic Times. So, India and Russia continue to make settlements in rubles and rupees.