Expert View: Malaysia Seeks Partnership with BRICS, Russia and Iran Forge Alternative Payment Architecture

Alexander Korolev, political scientist, Candidate of Sciences (PhD) in Political Science, and Deputy Director of the Centre for Comprehensive European and International Studies (CCEIS) at HSE University, highlighted a pivotal foreign policy event of the week: Malaysian Prime Minister Anwar Ibrahim's visit to Russia which took place from May 13 to 16, 2025.

According to Dr Korolev, the discussions between the Malaysian leader and Russian President Vladimir Putin, along with Russian Prime Minister Mikhail Mishustin, held special significance. During these talks, Anwar Ibrahim articulated Malaysia's keen interest in deeper integration with BRICS and its readiness to forge a strategic partnership with its member nations. The Russian side reciprocated, expressing a strong commitment to facilitate Malaysia's inclusion in the BRICS agenda as a partner state.

Alexander Korolev emphasised that beyond its political and diplomatic significance, the Malaysian Prime Minister's visit took on a vital substantive dimension. Anwar Ibrahim actively promoted topics focused on innovations, including the development of artificial intelligence, digitalisation of public administration, climate technologies, and Islamic banking. These areas could emerge as vital components of the BRICS agenda moving forward, enhancing the group's relevance and depth.

"Russia's BRICS partners are actively seeking digital transformation, AI solutions, and innovative frameworks within the group," the expert observed. He pointed out that BRICS has the potential to pioneer international discussions on new strategies for climate regulation and artificial intelligence management, making the integration of such initiatives particularly timely.

The second significant event, as highlighted by the expert, was the successful completion of the second stage in integrating the MIR (Russia) and Shetab (Iran) payment systems. This milestone marks a crucial achievement as both nations are members of BRICS and actively champion the establishment of an alternative payment architecture. "Among all BRICS countries, Russia and Iran are at the forefront, vigorously advocating for not only a shift to alternative currencies and de-dollarisation but also the development of a new payment system within BRICS," emphasised Alexander Korolev.

While the integration is still unfolding on a bilateral level, its potential for replication and expansion is substantial. If executed successfully, the experience of Russia and Iran could serve as a model for countries like China, India, Indonesia, and other Southeast Asian partners. A key element in this process is the adoption of modern technological solutions, such as QR codes and digital identifiers, which transforms the initiative into a blend of financial and technological innovation.

Thus, both events—Anwar Ibrahim’s visit and the advanced integration of payment systems—signal that BRICS is evolving to a new stage: transitioning from political dialogue and coordination to tangible strategic content and the establishment of a functional infrastructure for a future multipolar world.