How BRICS May Deliver a Structural Shock to The US Dollar System

Source: Sputnik News | Original Published At: 2026-01-14 13:19:00 UTC

Key Points

• BRICS is developing alternative payment systems like BRICS Pay and The Unit to bypass SWIFT and reduce reliance on the US dollar.
• China's CIPS system and Russia-Iran oil trade in yuan demonstrate growing de-dollarization trends within BRICS and Global South nations.
• The New Development Bank's integration with BRICS financial infrastructure could enable direct currency exchanges for international trade.
• Venezuela and Iran serve as test cases for oil-exporting economies operating outside the US dollar system.
• Challenges include overcoming Visa/Mastercard dominance and creating secure messaging interoperability for sanctions-resistant transactions.