BRICS Nations Are Turbocharging Their Break From Western-Dominated Finance

As the BRICS nations continue to chart their course in shifting the global economic landscape, the group is rapidly advancing plans for greater use of local currencies, cross-border payment systems, and new investment platforms. This is aiming to empower the Global South and diversify the global financial architecture.

Ministers from Brazil, Russia, China, India, and Vietnam met earlier this week in Rio de Janeiro for the latest round of discussions.

In the official Chair’s Statement from the Meeting of BRICS Foreign Ministers, which was seen by BlockDevises, ministers are said to have highlighted the importance of expanding the use of local currencies in trade and financial transactions.

The meeting, hosted under Brazil’s 2025 BRICS Chairship, saw the group’s members discuss plans for deepening economic sovereignty and regional cooperation through new monetary tools.

The statement reads, in part:

The ministers underscored the importance of the enhanced use of local currencies in trade and financial settlements between BRICS countries and their trade partners.

They referenced paragraph 66 of the Kazan Declaration, which directs finance ministers and central bank governors to continue examining the use of local currencies, payment instruments and platforms. This includes assessing the feasibility of a BRICS cross-border payments initiative, BRICS Clear, and enhancing the bloc’s reinsurance capacity, with a mandate to report findings to BRICS leaders. These initiatives are viewed as essential to deepening financial integration among BRICS members and reducing vulnerabilities associated with external economic shocks.

The group also reaffirmed its commitment to fostering investment within its own ranks and across the Global South. The statement continues:

They emphasized the importance of continuously expanding local currency financing and strengthening innovation in investment and financing tools and acknowledging the initiative to create new investment platform to boost investment flows into BRICS countries and the Global South mechanisms.

This strategy is aligned with broader goals of financial inclusivity, economic resilience, and a transition toward a multipolar economic system that better reflects the interests of emerging markets and developing countries.

The focus on local currencies and financial platforms complements ongoing discussions around BRICS-led alternatives to existing global payment systems. Ministers are expected to deliver concrete proposals for BRICS leaders to review, building on the momentum created by prior declarations and new institutional frameworks designed to accelerate intra-bloc economic collaboration.