Russian Finance Minister Anton Siluanov declared at the 17th BRICS summit in Rio de Janeiro that settling trade in national currencies is liberating BRICS nations from Western financial pressure. Speaking to RT on the sidelines of the summit, Siluanov emphasized that Western sanctions, particularly those following the 2022 escalation of the Ukraine conflict, have accelerated the bloc’s push for financial independence.
The BRICS group—comprising Brazil, Russia, India, China, South Africa, and new members Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates—has intensified efforts to reduce reliance on the U.S. dollar and Western financial systems like SWIFT. Siluanov highlighted that sanctions, which froze Russia’s dollar and euro reserves, have underscored the vulnerability of depending on Western institutions that can “suspend payments at any moment.” He cited the booming Russia-China trade, now valued at $245 billion annually, with nearly all transactions conducted in rubles and yuan, as a model for BRICS trade.
Siluanov revealed that discussions at the summit’s New Development Bank (NDB) governors’ meeting focused on mechanisms to shield BRICS economies from sanctions. These include using reliable banks with direct correspondent ties and non-SWIFT messaging systems to ensure smooth trade settlements. “Such settlements have proven their reliability and independence from Western lending institutions,” he stated, advocating for expanded financial links to maintain trade turnover.
The minister’s remarks align with Russia’s broader push for a BRICS Cross-Border Payment Initiative (BCBPI), which aims to create a multilateral digital payment platform using national currencies. This initiative, discussed earlier in 2024, seeks to challenge the dominance of the U.S. dollar and protect BRICS trade from Western sanctions. However, Brazil has expressed reservations, with its Ministry of Economy stating that a SWIFT alternative is not on its agenda, indicating potential hurdles in achieving consensus among members.
As global trade tensions rise, with U.S. President Donald Trump threatening tariffs on BRICS nations for “anti-American” policies, Siluanov’s comments underscore the bloc’s determination to build an autonomous financial architecture. The summit’s focus on financial independence reflects BRICS’ growing influence, representing 35.6% of global GDP and 45% of the world’s population, positioning it as a counterweight to Western-led economic systems.
