BRICS Summit Adopts New Delhi Declaration to Expand Local-Currency Payments and BRICS Pay

Source: ZeroHedge | Original Published At: 2026-09-14 01:30:00 UTC

Key Points

• The 18th BRICS summit adopted the New Delhi Declaration 2026, committing to expand trade and investment settled in members' national currencies and to link domestic payment and messaging systems to bypass SWIFT.
• BRICS Pay was highlighted as an interoperability layer connecting India's UPI, China's CIPS and Russia's SPFS; the declaration also referenced a pilot for a gold-backed Unit token.
• The bloc did not endorse a single common BRICS currency; India favored national-currency settlement, framing the outcome as incremental financial de-dollarization rather than monetary union.
• President Trump threatened tariffs of up to 100% on BRICS, while the article argued that non-dollar transaction routes can reduce the deterrent effect of such tariffs.
• Iran pressed hardest for national-currency trade and mechanisms to insulate members from Western financial pressure, citing existing monetary and trade arrangements with China and Russia.
• The declaration expressed deep concern over the US-Israel war against Iran without naming the United States or Israel, reflecting a rift between Iran and the United Arab Emirates.
• The text condemned Israel directly over violations of Lebanon's sovereignty and attacks on UNIFIL, including the deaths of four Indonesian peacekeepers, and noted South Africa's ICJ proceedings against Israel over Gaza.