The [[SWIFT]] network is a [[Brussels]]-based global clearing office for communications between 12,000 [[bank]]s worldwide in which they advise one another about incoming transfers.{{fact}} It is an essential building block in international trade, and was abused by the United States, who pressured the independent managers of SWIFT to conform to [[economic sanctions]] imposed on certain countries not abiding by the so-called "[[rules based order]]" dictated by the [[U.S. State Department]] from [[Washington, D.C.]].{{fact}} The "rules based order", also known as the [[Liberal world order]], by-passes the historically recognized framework of the [[United Nations]] under [[international law]] as having sole authority to impose [[multilateral]] economic sanctions.{{fact}}
The [[United States]] under the [[Biden regime]] moved to ''de facto'' [[steal]] USD $300 billion held in foreign banks that belongs to [[Russia]] via a scheme ostensibly meant to fund [[Ukraine aid]].{{fact}} <ref>https://www.businessinsider.com/us-eyes-using-300-russia-frozen-assets-help-ukraine-backfire-2023-12</ref> Acts like these is what essentially drives the BRICS nations to pursue a new settlement and payment infrastructure that would bypass use of [[US dollars]] (USD) or [[euro]], thus protecting the system's users from the United States and [[European Union]] using their currencies to [[blackmail]] other countries into compliance with [[the West]]'s wishes.{{fact}} For example, the United States routinely employs or threatens [[economic sanctions]] against countries if they do not de-criminalize [[homosexuality]] or legalize [[gay marriage]], alleging those countries to be "[[human rights]] violators".<ref>[https://scholarlycommons.law.emory.edu/eilr-recent-developments/36 Ryan J. McElhose, Are Threats to Impose Financial Sanctions an Effective Approach for the United States to Protect LGBTQ Rights in Africa?], 37 1 (2023). Emory University School of Lasw Commons</ref> Even a change of administration in the United States cannot repair the loss of confidence and broken trust in the global financial system or assure such "[[rules based order]]" tactics would not occur again in the future to any party or nation participating in the [[SWIFT]] network.{{fact}}
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