BRICS Pay: New Payment System Challenges Dollar Dominance and Western Sanctions

Source: Berliner Zeitung | Original Published At: 2026-01-28 20:27:46 UTC

Key Points

• BRICS countries plan to launch Brics Pay, a joint payment platform using digital central bank currencies (CBDCs) to reduce reliance on the US dollar and SWIFT system.
• The initiative, led by India, aims to enable cross-border transactions in national currencies through a shared technological infrastructure.
• Expansion of BRICS to include energy-rich nations like Saudi Arabia and Iran creates new opportunities for dollar-free trade, particularly in energy markets.
• Technical challenges include interoperability of CBDC systems, data security, and governance frameworks across diverse economies.
• Russian expert highlights the project's strategic importance for sanctioned states to achieve financial independence while acknowledging varying political will among members.