BRICS nations have sped up de-dollarization and launched the digital BRICS Unit on October 31, 2025, backed by 40% gold and 60% BRICS currencies to settle wholesale trade across major corridors. The shift aims to reduce reliance on the U.S. dollar and strengthen alternative settlement channels.
The bloc linked payment platforms to build independent infrastructure, connecting BRICS Pay and CIPS with Russia’s SPFS and India’s UPI. These integrations create cross-border rails that bypass Western payment networks.
Local currency trade has surged within the group, reaching about 90% usage across many corridors by late 2024. Anton Siluanov reported that Russia and China settled 99.1% of bilateral trade in rubles and yuan.
De-dollarization also advanced through institution-building and project finance under the New Development Bank. Vladimir Putin framed the move as a practical response: “We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do?”
India offered a cautious approach, emphasizing pragmatism in currency policy. S. Jaishankar stated, “I do not believe we have any policy to have a replacement to the dollar.”
The BRICS expansion, with 23 nations applying, increases the bloc’s geopolitical reach. The grouping now covers nearly half the world’s population and about 40% of global GDP, reinforcing a multipolar financial architecture.
