Sergei Ryabkov, Russia’s deputy foreign minister, said a single BRICS currency will not be on the agenda for the 2026 summit in New Delhi, because members plan to expand use of national currencies for settlements, clearances, reissuance, and investments. As stated, he framed the shift as a practical response to sanctions and coercive measures.
He rejected plans for a unified bloc currency. “Let me be very clear, we are not talking about establishing any common single (BRICS) currency. We are not ready for it. And actually, it’s not something that we look into as a practical matter,” he said.
Ryabkov added that members must strengthen national currency use. “What we need to do is a further expansion of the use of national currencies,” he said.
He said local currency trade helps shield members from sanctions and denied any attack on the U.S. dollar. “This is not an attempt to undermine the dollar,” he noted, a position Vladimir Putin has repeatedly expressed over the past year.
Ryabkov also stressed the bloc is not anti-Western. “BRICS is not an anti-Western alliance,” he said, adding that greater cohesion is needed when multilateralism faces attacks.
