Dilma Rousseff and BRICS Bank seek ways to finance Russia

Source: Gazeta do Povo | Original Published At: 2026-09-21 04:53:57 UTC

Key Points

• Dilma Rousseff, head of the New Development Bank, said after meeting Vladimir Putin on September 11 that the institution found a path to resume financial operations with Russia.
• The strategy involves using local currencies such as the Chinese yuan or the Russian ruble instead of the US dollar to reduce exposure to Western sanctions.
• Under Rousseff, about 46% of financing approved in 2025 was already carried out in member-country currencies, a record for the bank.
• Russia supported Rousseff's continuation as bank president for another five years by not nominating its own candidate under the rotation system.
• The bank still depends on international markets, issuing debt in places such as London and Dubai, which could expose it to US Treasury action if lending to Russia is seen as circumventing sanctions.
• Rousseff is also leading technical negotiations for Iran's inclusion in the group and access to the bank's credit lines.