BRICS Shifting to Multi-Currency Trade Architecture: Russian Official

By Amr Yehia

Victoria Panova, Head of the BRICS Expert Council–Russia and Russia’s Sherpa to the W20, outlined the shift toward financial multipolarity across the Global South.

In a briefing to Ahram Online, Panova stated that the global economic landscape is witnessing a structural transition, where initiatives born from the logic of multipolarity are gaining real momentum, moving decisively from theoretical discussions into practical action. She mentioned that Foreign Minister Lavrov’s recent assurances reflect a broader institutional commitment among partner states to fulfill these emerging monetary agreements.

Elaborating on the strategic significance of this shift, Panova highlighted that intra-BRICS trade conducted in national currencies has already surpassed 67 percent, while Russia's bilateral trade within the expanded bloc has reached approximately 90 percent. She emphasized that expanding this operational model across partner nations is not designed as a move to abruptly "abandon the dollar," but rather to establish predictable, resilient, and parallel settlement channels that insulate emerging economies from external financial volatility.

Furthermore, Panova observed that developing non-dollar payment architecture extends beyond currency choice to include shared technical protocols, direct correspondent banking relationships, currency swaps, and standardized clearing frameworks. She noted that these financial mechanisms, recently discussed during high-level central bank dialogues at the Bank of Russia Financial Congress in St. Petersburg, serve as ready-made "building blocks," pilot schemes, and unified methodological frameworks for broader multilateral adoption.

Addressing the operational advantages of this cooperation, Panova stressed that combining Russia’s recent experience in rapid monetary adaptation with the expertise of partner economies allows participating nations to lower transaction costs and streamline payment gateways without needing to "reinvent the wheel."

In conclusion, Panova pointed out the strategic alignment between national currency adoption and the evolving digital economy, particularly with the upcoming launch of the digital ruble. She mentioned that cross-border testing in digital national currencies provides an invaluable proving ground for synchronizing digital registries, unifying participant identification standards, and establishing compatible platform protocols that can be seamlessly scaled across the wider BRICS network.

Ahram Online