BRICS expansion in 2026 represents a shift from political rhetoric to building tangible financial infrastructure aimed at reducing dollar dependence. The bloc, representing over 35% of global GDP, is advancing de-dollarization through bilateral currency settlements and new platforms like mBridge, creating a significant alternative economic network.
The BRICS alliance is accelerating its de-dollarization agenda, with Russia and China now settling approximately 90% of their bilateral trade in rubles and yuan. This move is part of a broader strategy to establish financial independence, utilizing platforms like mBridge that connect central banks outside the SWIFT system.
The bloc’s growth is substantial, currently representing over 35% of global GDP and about 45% of the world’s population, with 23 nations holding active membership applications. This expansion marks a concrete step in turning long-held Global South arguments about the international order into coordinated political and financial action.
Russian President Vladimir Putin framed the move as pragmatic, stating, “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.” This stance has drawn a direct response from U.S. President Donald Trump, who accused the bloc of being established to target the dollar.
Internal views on de-dollarization vary. Indian External Affairs Minister S. Jaishankar expressed caution, noting a lack of policy for replacing the dollar and emphasizing the currency’s role in global economic stability. Conversely, proponents like South African Minister Ronald Lamola advocate for deeper cooperation, stating the alliance grows when members work together for mutual development.
The group’s flexibility is seen as a strength, operating without the rigid institutional frameworks of Western blocs. Analysts point out that its ability to form issue-based coalitions without binding obligations allows for progressive coordination, a strategy now being observed in other geopolitical arenas. The New Development Bank has already moved a third of its loans into local currencies, substantiating the financial shift beyond mere dialogue.
