Russian Finance Minister Anton Siluanov highlighted a striking trend in the use of the ruble and other national currencies for intergovernmental and corporate settlements. He noted that around nine-tenths of agreements between Russia and China are settled in their own currencies, a signal of deeper monetary integration that extends beyond trade into the fabric of financial cooperation. The minister spoke about these developments during a television program aired in the capital, underscoring a desire to relax restrictions on payments among BRICS members and to look for practical mechanisms that could support smoother cross-border transactions. A central point of discussion, he added, is the potential creation of a shared unit of account for the bloc. This unit would be anchored by digital financial assets supported by real-world assets, providing a stable reference for invoicing and payments across member economies rather than relying on a single foreign currency. The emphasis is on building a more autonomous and resilient payments framework that aligns with the strategic goals of BRICS and its partners in the region.
Earlier in the year, a top Russian official indicated that the diversification of settlement currencies is progressing. He noted that a sizable portion of cross-border payments involving Russia and its large trading partner has already shifted to the national currency, which reinforces the trend toward broader use of local currencies in bilateral finance. The expressed optimism about reaching substantial milestones in economic cooperation comes against a backdrop of expectations that the overall volume of trade with key partners could exceed traditional benchmarks. The discussion points to a gradual rebalancing of financial flows, with policy makers exploring how to cushion exchange-rate risks and improve the efficiency of settlements through currency diversification and asset-backed digital instruments.
Additionally, the first quarter of the year saw updates from a senior foreign affairs department indicating a high share of settlements conducted in national currencies in agreements with one of the country’s major partners. The trend underscores a broader effort to expand the role of domestic currencies in regional trade and to reduce dependence on any single external monetary system. The leadership has previously signaled support for expanding settlements in local currencies across the Commonwealth of Independent States, signaling a long-term strategy to stabilize and streamline financial interactions within the region. These moves are part of a broader agenda to strengthen economic sovereignty, support domestic financial markets, and foster greater monetary cooperation among partner economies.
In response to these developments, observers note that the push toward currency diversification in regional settlements reflects a strategic shift in how transactions are structured, priced, and settled. The emphasis on a national-currency framework is paired with efforts to modernize payment infrastructure, including digital assets that are backed by tangible assets. Such innovations could offer more predictable settlement costs, improve transparency, and reduce exposure to currency volatility for businesses operating across borders. As discussions continue, policy makers and market participants alike are watching how these plans might influence international trade dynamics, investment flows, and the overall pace of regional integration. The overarching message remains that financial cooperation among BRICS and adjacent economies is evolving, with a clear preference for currency resilience, settlement efficiency, and governance that supports sustainable growth across member nations.