India has ruled out de-dollarization at its upcoming BRICS 2026 summit in New Delhi, with officials stating the nation will trade in the US dollar and not abandon the currency. Other members have accepted this stance, ensuring the summit will not oppose the West. However, the dynamic is expected to shift in 2027 when China hosts the summit. Russian Deputy Foreign Minister Sergey Ryabkov has stated Russia will support whatever priorities China sets, potentially reigniting de-dollarization initiatives and focusing on technology, payments, and supply chains.
Before the BRICS 2026 summit in New Delhi, India distanced itself from the de-dollarization agenda. High-ranking officials repeatedly stated that India will trade in the US dollar and not abandon the currency, forcing other members to accept a summit that would not go against the West.
The situation could change in 2027 when China hosts the summit. Sergey Ryabkov, Russian Deputy Foreign Minister, as stated in a press conference, confirmed Russia will accept whatever priorities China places on the table at the 19th summit.
Russia has been a staunch ally of China, which has helped the country trade in local currencies and kept its economy afloat since US sanctions were imposed in February 2022. If China initiates a de-dollarization roadmap at the next BRICS summit, Russia will be the first to back it.
“BRICS is not just about continuity; it always bears the significant imprint of the chairmanships that succeed one another,” Ryabkov added. He revealed China is working to create an “intra-BRICS environment” for the barrier-free movement of technologies and capital, and could find breakthroughs in AI technologies.
“I would venture to suggest that modern breakthrough technologies, with artificial intelligence at their core, supply chains, the modern payment and financial system, and logistics issues in the economic sphere, will be the focus of the Chinese presidency,” Ryabkov said. “We will support these priorities.”
