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The BRICS alliance is considering new financial mechanisms for trade settlements, including cross-border payment options using local currencies and digital technologies, Russian Finance Minister Anton Siluanov has confirmed.

Speaking to the Russian news agency Tass, Siluanov said that discussions are underway to develop an alternative financial infrastructure that could facilitate bilateral trade without reliance on the US dollar. He highlighted the potential use of blockchain networks and digital financial assets to streamline transactions.

"We are considering various financial innovations within BRICS, including a cross-border payment system that could be based on bilateral settlements using national currencies, while also integrating digital technologies," Siluanov said.

The move is seen as part of a broader effort to enhance economic cooperation among BRICS nations and reduce dependence on Western financial systems. Siluanov emphasised that strengthening the bloc’s financial infrastructure is vital for boosting trade and economic growth among member states.

A Shift Away from the Dollar?

The 17th BRICS summit, set to take place in Rio de Janeiro on 6-7 July 2025, is expected to focus on alternative payment systems. Countries such as China, Russia, and Iran are particularly keen to explore new trade mechanisms that bypass the US dollar.

Both Russia and Iran have faced economic sanctions that limit their access to global financial systems, prompting them to seek alternative trade routes. Meanwhile, China is positioning itself as a dominant global economic player and sees the BRICS alliance as a key platform to advance its economic agenda.

Despite shared interests in moving away from the US dollar, the BRICS nations have differing economic structures and objectives, which may pose challenges in reaching a unified financial strategy. However, the upcoming summit will provide a forum for discussions on how to implement these financial innovations effectively.

The meeting in Brazil will be chaired by the host nation, with all BRICS leaders expected to attend. Analysts say the discussions could mark a significant step towards a new financial order within the bloc, potentially reshaping global trade dynamics.