As the balance of global economic power shifts, BRICS nations are moving to reshape the international financial system, challenging the dominance of the U.S. dollar.
With Russia leading discussions on new payment infrastructures and digital asset frameworks, the bloc is actively working toward financial independence from Western influence.
Russia is leading BRICS’s financial transformation, with Finance Minister Anton Siluanov emphasizing the need for a cross-border payment system based on national currencies and digital financial assets.
“We are considering various financial innovations within the BRICS framework,” Siluanov said (translated) during a press conference in Moscow.
This includes a cross-border payment system that leverages national currencies and digital technologies, the Russian finance minister told reporters.
The initiative aims to enhance trade among the BRICS nations—Brazil, Russia, India, China, and South Africa—by bypassing Western-controlled financial channels such as SWIFT.
In response to Western sanctions that have cut Russian banks off from SWIFT, BRICS is accelerating the development of BRICS Pay, a decentralized payment system designed to facilitate trade in national currencies.
Led by Russia and China, the project includes a digital asset platform for cross-border transactions.
While the bloc has not yet introduced a unified currency, the system could expand the use of digital versions of the Chinese yuan and Russian ruble in international trade.
Both nations are preparing a report on reforming the global financial system, which could result in the launch of a multilateral digital payment and settlement platform.
If approved, BRICS members will coordinate legislative efforts to implement the system across their economies.
Russia recently approved using digital assets for international payments, allowing transactions to bypass Western sanctions through a decentralized, multi-currency system.
This move strengthens BRICS’ economic influence and accelerates efforts toward a supranational currency, challenging the U.S. dollar’s dominance.
A key BRICS goal is reducing reliance on the dollar by using national currencies in trade. In fact, 95% of Russia-China trade is now settled in rubles and yuan.
As U.S. sanctions and soaring debt pressure global economies, BRICS nations and other Global South economies are intensifying efforts to establish financial mechanisms that reduce their exposure to U.S. sanctions and dollar volatility.
Adding to these tensions, U.S. President Donald Trump has renewed threats of 100% tariffs on BRICS nations if they continue their de-dollarization efforts. Some analysts believe this could backfire.
Analysts noted that the more the dollar is weaponized through sanctions and trade threats, the stronger the incentive for countries to seek alternatives.
With BRICS accelerating its financial independence plans, the coming months could see a significant shift in global trade dynamics—one that challenges the dollar’s long-standing dominance.
