Russia Studies BRICS Platform for Trade in Local Currencies

Source: Poder360 | Original Published At: 2026-08-01 09:00:18 UTC

Key Points

• Russia is studying the creation of an exclusive commercial platform for BRICS countries focused on products, raw materials, and commodities.
• The proposed system would use the national currencies of BRICS members for transactions.
• The stated objective is to avoid interference from non-BRICS countries in commercial operations and reduce dependence on the dollar.
• The proposal was submitted by Russian ministries to the government and could be formally presented to BRICS members by the end of 2026 if approved.
• The model differs from a common BRICS currency, instead building payment and trade infrastructure around existing currencies.
• Brazil's foreign ministry and international affairs department of the finance ministry said they had no official knowledge of the proposal.
• Brazilian agribusiness sees the platform as a possible way to reduce dependence on Western certifications amid EU environmental and sanitary restrictions on meat exports.