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BRICS nations seek payments system free of the dollar and US sanctions

Brics nations seek payments system free of the dollar and US sanctions
Countries
BrazilChinaIndiaIranRussiaSaudi ArabiaUnited Arab Emirates
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional Development

Source: The Irish Times | Original Published At: 2026-09-10 05:49:39 UTC

Key Points

  • India's Prime Minister Narendra Modi hosts a BRICS summit in New Delhi, with China's President Xi Jinping and Russia's President Vladimir Putin attending.
  • Xi Jinping's visit is his first to India since 2019 and signals a recent thaw in Beijing-New Delhi relations despite an ongoing border dispute.
  • The summit agenda focuses on economic, technological and financial cooperation, including the launch of Brics Pay, an independent payments system not requiring the US dollar.
  • The payments system will include Brics Pay, a secure decentralised messaging network similar to Swift; Brics Clear, a settlement system similar to Euroclear; and Brics Bridge, which will allow central banks to trade directly in their own digital currencies.
  • India and Brazil say the initiative is not aimed at de-dollarisation or opposing the West, while the US dollar remains dominant in global reserves and transactions.
  • The system could enable BRICS member states to continue trading with one another even if large-scale US sanctions are imposed in the future.
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