New Development Bank seeks to resume financing for Russia via local currencies

Dilma Rousseff, president of the New Development Bank (NDB), is implementing a strategy to resume financial operations with Russia. Following discussions with Vladimir Putin, the bank aims to bypass Western sanctions by utilizing local currencies, such as the Chinese yuan and the Russian ruble, instead of the US dollar.

This shift is designed to reduce the bank's exposure to the US-led financial system and mitigate the impact of Western economic pressures. Under Rousseff's leadership, the use of member-country currencies has increased significantly; approximately 46% of approved financing in 2025 was conducted in local currencies. The bank has set a strategic goal for the 2027–2031 cycle to have between 40% and 50% of its financing carried out in these currencies to ensure greater autonomy and financial security for its members.