90% of Russia’s settlements with BRICS countries in national currencies is an indicator of the union’s maturity

BRICS countries are steadily moving toward greater financial independence, with national currencies now accounting for around 90% of Russia’s settlements with other BRICS members.

The figure was highlighted by Kremlin spokesman Dmitry Peskov during a briefing with Indian media ahead of the upcoming BRICS summit in New Delhi. Peskov described the growing use of national currencies in mutual trade as an important development for the bloc.

For Manish Kumar, Deputy Chairman of the Board of the FBA EAC and President of Soltex Group, the 90% figure is the result of years of practical cooperation among BRICS countries rather than a sudden shift.

He sees it as another indication that the group is gradually building greater financial independence while developing new ways of conducting international trade.

“BRICS is a community of like-minded countries. It does not operate under a rigid charter or a strict legislative framework,” Kumar said. In his view, this flexibility allows members to work together around a common objective while retaining the freedom to develop practical mechanisms that suit their individual economies.

Kumar stressed that the move toward national currencies should not be interpreted as an attempt by BRICS to abandon the dollar or euro.

The broader objective, he said, is to create alternative payment channels so that international trade is not overly dependent on currencies that can become instruments of geopolitical pressure or trade restrictions.

“When the dollar and euro are used against other countries, including BRICS countries, as a way to obstruct trade or exert pressure, neutral countries cannot agree with this,” Kumar said.

The shift is already visible in India-Russia trade. According to Kumar, close to 90% of payments between the two countries are now being settled in rubles and rupees.

More than 20 Russian banks also have correspondent accounts in India, providing the banking infrastructure needed to support growing trade between the two markets.

The transition was not without difficulties. Kumar noted that the first two years involved significant legislative and regulatory challenges as businesses and financial institutions worked to establish the necessary mechanisms. Those systems, however, are now operating more smoothly.

For BRICS, the next challenge may lie beyond payments.

Kumar believes reducing tariff barriers among member countries could give the bloc’s economic cooperation another major boost. Lower trade barriers would make it easier for businesses to enter each other’s markets, increase trade volumes and potentially make the alternative financial mechanisms being developed within BRICS even more effective.

The 90% figure therefore represents more than a change in the currency used for payments. It points to a broader shift in how BRICS countries are approaching trade, banking and financial cooperation—and toward a system in which international transactions can be conducted with less dependence on traditional Western financial channels.