Russia urges BRICS to build economic architecture independent of US dollar

Russia is advocating for the BRICS bloc to develop an economic architecture that reduces dependence on the United States and the US dollar. Kremlin spokesperson Dmitri Peskov stated that Western sanctions are driving members to seek greater financial autonomy to avoid illegal pressures and restrictions.

During the upcoming BRICS summit in New Delhi, discussions are expected to focus on expanding direct payments, creating common investment platforms, and establishing bilateral settlement mechanisms. Russia reports that approximately 90% of its payments with BRICS nations are already conducted in national currencies. For instance, nearly 96% of bilateral trade between Russia and India is currently handled using rubles and rupees, a move intended to mitigate sanction exposure despite challenges regarding liquidity and convertibility.