BRICS nations moved faster in 2026 to cut reliance on the U.S. dollar by boosting local-currency settlements and alternate payment systems to reduce costs and avoid dollar-based intermediaries. Russia and China now settle roughly 90% of bilateral trade in rubles and yuan, while India says it will not seek to replace the dollar.
Vladimir Putin stated “We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening.” (Ed. note: Russia reported 90% national-currency settlements in 2024.)
The push uses several networks rather than a single new currency. Nations expand connections through BRICS Pay and link national systems like SPFS, CIPS, and UPI to lower transaction friction.
Digital central bank rails also grew, with mBridge enabling near-instant central bank transfers between China, Hong Kong, Thailand and the UAE. Officials described these platforms as central to broader de-dollarization efforts.
Political pressure has intensified, with a U.S. threat of 100% tariffs against de-dollarizing countries and an emergency summit response by Lula da Silva in September 2025. S. Jaishankar said “I do not believe we have any policy to have a replacement to the dollar. Global economic stability is pegged on the dollar as the reserve currency.”
Leaders caution that a single BRICS currency is not imminent. Putin added that plans for a common currency remain premature and are not current goals.
