Russia’s shift toward using BRICS members’ currencies in trade has accelerated noticeably, with the share rising to 85 percent. This trend was highlighted by Elvira Nabiullina, the Governor of the Central Bank of Russia, who spoke to RIA News about the evolving settlements framework among BRICS partners.
In practical terms, the share of BRICS nations in Russia’s trade balance has climbed to about 40 percent. This marks a substantial increase from recent years, where the proportion hovered below thirty percent in 2022 and stood around twenty percent in 2021. The central bank leader noted that this growth reflects both increased confidence in national currencies and a deliberate move away from dependence on the U.S. dollar for bilateral transactions within the bloc.
Raising the emphasis on local currencies, Nabiullina explained that the ruble and other BRICS currencies are increasingly used in settlements. She stated that the current share in trade settlements is around 85 percent, a dramatic rise from roughly 26 percent two years earlier. This shift points to a broader strategic objective: strengthening financial cooperation among BRICS members and reducing exposure to external currency fluctuations.
Beyond currency use, Nabiullina underlined ongoing discussions about the interoperability of national financial messaging systems. The aim is to enable smoother, faster, and more secure transfers across borders within BRICS. To date, 159 foreign participants from 20 countries have connected to the Russian platform, illustrating growing interest in harmonized payment infrastructure among emerging economies.
Looking ahead, Nabiullina emphasized that BRICS in 2024 will continue to focus on payment systems and cross-border transactions conducted in national currencies. This agenda resonates with the bloc’s broader objective of financial autonomy and resilience in the face of global monetary shifts.
Russia formally assumed the presidency of BRICS on January 1, 2024, setting the stage for a year of intensified collaboration. The organization welcomed five new members this year: Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia, each bringing unique financial and economic perspectives to the group. Their accession expands BRICS’s geographic reach and broadens the scope of discussions around currency, trade, and development finance.
Analysts have noted that the BRICS partnership faces challenges alongside its momentum. The bloc must navigate divergent economic models, political considerations, and external pressures as it strives to strengthen intra-group trade, diversify reserve assets, and advance a pragmatic approach to currency use. Yet the overall trajectory suggests a convergence around more localized financial workflows and a cautious, incremental shift away from overreliance on single international payment rails.
In sum, the recent developments underscore a clear trend: BRICS is deepening its financial integration, expanding the role of national currencies in trade, and building interoperable payment systems. For member countries, this path offers opportunities for greater monetary sovereignty, more resilient cross-border commerce, and a platform for coordinated responses to global economic fluctuations.