Russia is once again pressing its BRICS partners to move forward with a financial system designed to weaken the dominance of the U.S. dollar in global trade, according to a statement released Tuesday by the Russian Foreign Ministry.
Russian Deputy Foreign Minister Sergey Ryabkov raised the issue during a BRICS meeting held in India, where he emphasized the need for a new “cross-border payment infrastructure” that would allow member nations to conduct trade outside the dollar-based system. Ryabkov also promoted related initiatives, including a New Investment Program and the creation of a BRICS Grain Exchange.
According to Moscow, representatives from BRICS countries expressed broad support for strengthening cooperation within the bloc amid what Russian officials described as “growing challenges to multilateralism.” The phrase appeared to be a thinly veiled reference to renewed U.S. trade pressure, including tariffs imposed under President Donald Trump.
BRICS was originally formed in 2009 as a coalition of Brazil, Russia, India, China, and South Africa. The bloc expanded significantly in 2023, adding Egypt, Iran, Saudi Arabia, the United Arab Emirates, Ethiopia, and Argentina, with additional nations participating as non-voting partners. While the group often frames itself as a coalition of emerging economies, several members — particularly China and India — are now major global economic powers.
India, which currently holds the rotating BRICS chairmanship, hosted this week’s meeting of BRICS “Sherpas and Sous-Sherpas” in New Delhi. Ryabkov acknowledged that consensus on de-dollarization remains elusive, noting that member states bring differing priorities and economic strategies to the table.
“A great deal depends on the chairmanship,” Ryabkov said, a remark widely interpreted as a subtle acknowledgment of India’s cautious approach. New Delhi has historically been reluctant to embrace aggressive moves against the dollar, seeking to maintain stable relationships with both Washington and Moscow.
Ryabkov admitted that aligning national interests across such a diverse bloc remains difficult. While BRICS members often describe themselves as like-minded, he conceded that differing national approaches complicate efforts to develop a unified financial framework.
Rather than launching a single BRICS currency — an idea that has raised concerns about Chinese dominance — the bloc is now focused on a more limited goal. The current proposal centers on creating interoperable central bank digital currencies, which would allow member nations to trade using digital versions of their own currencies.
This approach would streamline cross-border transactions without fully displacing the U.S. dollar or forcing countries to surrender monetary sovereignty. It also addresses fears among some members that a shared currency would effectively place China in control of the system.
Despite years of rhetoric about ending dollar dependence, the BRICS bloc continues to struggle with internal divisions, suggesting that any meaningful challenge to the dollar remains a long-term and uncertain prospect.
