Roscongress presents a nuanced view in its report on decolonizing energy trade, exploring how BRICS could pivot away from reliance on the IMF by leveraging alternatives within its own bloc. The New Development Bank emerges as a prominent candidate to play a central role in financing this shift, aligning with the broader goal of expanding trade in national currencies rather than through external credit rails. The idea is to foster a more balanced, regionally rooted mechanism for funding energy projects that directly support bilateral and multilateral exchanges among BRICS members, while reducing exposure to traditional international monetary instruments.
According to the report, a practical option for bilateral trade among BRICS economies could involve energy loans that function in a manner similar to special drawing rights within the IMF framework. In this model, loan facilities would be tied to energy sector needs, with repayment and pricing aligned to the currencies of participating countries. This approach would allow energy exporters to access credit for critical infrastructure and capacity expansion, enabling them to strengthen trade flows in their own currencies even when trade balances are uneven. The intent is to create a self-reinforcing cycle where capital is deployed to increase energy trade, which in turn stabilizes currency use across member states.
The proposal envisions the New Development Bank as the primary vehicle for issuing and managing these energy-focused loans. Positioned as a BRICS-owned development financier, the bank could standardize loan terms, risk assessment, and project evaluation across diverse economies. By concentrating lending in the energy sector, the bank would help align investment criteria with strategic priorities such as grid modernization, renewable integration, and cross-border energy corridors. This would not only support higher trade volumes but also accelerate regional energy resilience and cooperation in a way that remains under the collective oversight of BRICS members.
The New Development Bank was established by the BRICS member countries to serve the finance needs of emerging economies within the alliance. Its mission includes financing infrastructure and sustainable development projects that drive growth and regional integration. In the current discussion, the bank’s potential to issue currency-weighted loans tied to energy projects positions it as a pivotal instrument in a broader strategy to diversify away from dependence on conventional reserve currencies. This shift could contribute to a broader financial transformation, reducing vulnerability to external shocks and enhancing monetary sovereignty for participating states.
Analysts and policymakers have pointed to the early signs of a broader financial reorientation driven by BRICS success and its growing influence in global markets. Observers emphasize that while challenges remain, the momentum around developing an independent multipolar financing ecosystem signals a potential turning point in international finance. The discussion highlights how coordinated energy lending through the New Development Bank could become a catalyst for a more diversified, currency-based trade architecture among BRICS, with implications for global capital flows and the balance of economic influence. The evolving narrative suggests that these developments could mark the outset of a broader reconfiguration of the international financial order as BRICS economies continue to advance on the world stage.