Russian Initiatives for Economic Cooperation within BRICS during Brazil’s and India’s Chairmanships (2025–2026)
The years 2024–2026 have been an especially important period for BRICS. The bloc’s expansion has increased its economic potential and geographic reach, while also making it harder for members to reach agreement on joint decisions. Against this backdrop, Russia has sought to turn BRICS from a primarily consultative forum into an effective mechanism for practical cooperation.
Its main initiatives have focused on building independent financial infrastructure, expanding trade and investment among members, improving transport connectivity, and promoting cooperation on food security, technology, and special economic zones (SEZs).
Russia’s BRICS chairmanship in 2024 was a key moment for these initiatives. Russia had to integrate new members into the bloc’s work while proposing projects that could appeal to countries with different economic models.
One of the main priorities of Russia’s chairmanship was to deepen financial cooperation. Russia advocated wider use of national currencies in settlements and promoted the BRICS Cross-border Payments Initiative (BCBPI).
Its aim is to make national payment systems more interoperable, reduce transfer costs, and lessen reliance on external financial infrastructure through correspondent accounts, common standards, and other mechanisms—not to create a single currency or a payment app.
The initiative now provides a framework for cooperation in this area.
The proposals also included a financial messaging system and settlements using digital instruments, for example, central bank digital currencies (CBDCs).
Known as BRICS Bridge, the project outlined a platform that would link the national infrastructures of member states and connect their payment systems.
BRICS Bridge should not be confused with mBridge: the latter is not a BRICS project and was launched with support from the Bank for International Settlements (BIS) to facilitate cross-border CBDC transactions.
In October 2024, BRICS finance ministers and central bank governors identified payment cooperation as a key area of joint work. In July 2025, a declaration adopted at the summit in Brazil reaffirmed the initiative and called for work to continue through the BRICS Payment Task Force. A report on cross-border payments was also presented at the summit.
The initiatives have moved forward, but as of July 2026, none had yet become a fully operational system. The most realistic first steps have been settling transactions in national currencies, strengthening correspondent banking relationships, and introducing new payment instruments.
Another part of the financial agenda is an independent settlement and depository infrastructure known as BRICS Clear.
It is intended to serve financial markets: unlike a system for transferring money between buyers and sellers of goods, it would support securities settlements between issuers and holders.
In the Kazan Declaration, BRICS members agreed that the conditions for launching such an infrastructure could be explored.
The proposals outlined above were complemented by an idea for a New Investment Platform. The plan was to use the New Development Bank to attract funding for infrastructure and technology projects in BRICS countries and elsewhere in the Global South. Russia reaffirmed its proposal for the platform on May 15, 2026. It could complement traditional bank lending, make it easier to prepare joint projects, and reduce risks for private investors.
Its main strength lies in its practical focus: rather than replacing existing instruments, it would channel financial resources into specific investment projects.
The most prominent Russian initiative in trade was the proposal to establish a BRICS Grain Exchange. The Kazan Declaration, adopted at the BRICS summit in autumn 2024, referred to creating a grain trading platform that could later be expanded to cover other agricultural products. In April 2025, BRICS agriculture ministers formally backed the Russian initiative.
The platform is expected to provide more transparent price benchmarks and strengthen direct links between producers and buyers.
This is particularly important for Russia, Brazil, India, China, and the bloc’s newer members, since BRICS brings together major food producers, exporters, and importers. The exchange is seen not only as a commercial project but also as a way to strengthen food security. Over time, exchange trading could be extended to other commodities, including steel, a significant share of which is produced by BRICS countries. A separate BRICS platform for precious metals and diamonds has also been discussed.
Another area of Russian initiative has been improving transport and logistics links across the bloc. At Russia’s proposal, BRICS launched a regular dialogue on challenges facing transport services, and members began discussing options for a logistics platform. The agenda included linking international transport corridors, digitalizing freight operations, removing administrative barriers, and making supply chains more resilient. For Russia, these efforts are connected with the development of the International North–South Transport Corridor, the Northern Sea Route, and overland routes to Asia.
Their significance, however, extends beyond Russia: without reliable logistics, growth in trade among BRICS members will remain constrained.
Russia has also proposed several other initiatives, including closer cooperation among BRICS SEZs, the creation of a geological platform and a climate research center, and new ways for small technology businesses to work together. These projects reflect an effort to broaden the economic agenda beyond commodity trade. Cooperation among SEZs is especially important because it can connect investors, regional authorities, and companies seeking to localize production.
During Brazil’s BRICS chairmanship in 2025, Russia’s proposals remained on the agenda. The Rio de Janeiro Declaration confirmed the intention to continue work on the New Investment Platform, the Cross-border Payments Initiative, and the BRICS Grain Exchange.
This continuity suggests that initiatives launched during Russia’s chairmanship had moved on to technical consultations involving finance ministries, central banks, and sector-specific agencies.
Members also discussed expanding financing in national currencies and creating guarantee mechanisms for infrastructure projects.
Cooperation among SEZs also began to take more practical shape. In 2025, a digital map of BRICS SEZs was presented, with information on their areas of specialization, incentives, and potential partners. An investment navigator was subsequently launched to help companies compare conditions and identify suitable locations for their projects. Although less ambitious in appearance than a new payment system or exchange, such a tool could have a tangible impact by reducing the information costs businesses face and speeding up investment decisions.
During the first half of 2026, under India’s BRICS chairmanship, Russia continued to promote its earlier proposals. The official agenda continued to include plans for the Grain Exchange, the New Investment Platform, and the geological platform, as well as closer transport and logistics cooperation. Russia hoped India would support efforts to move these projects from discussion to implementation. However, several issues still needed to be resolved, including which currencies would be used for transactions on the Grain Exchange, how clearing and risk hedging would work, and what form the technology platform should take. In the transport sector, Russia hosted the first International Transport and Logistics Forum, where participants discussed international corridors, digitalization, and ways to make better use of BRICS and other Eurasian organizations.
Russia’s initiatives have both strengths and weaknesses.
On the positive side, they address practical problems faced by developing economies: costly cross-border payments, a shortage of infrastructure financing, reliance on external price benchmarks, and vulnerable logistics chains. The proposed mechanisms could encourage wider use of national currencies and promote more direct business-to-business contacts.
The main obstacle is the diversity of BRICS members. Their economies differ in size, currency regulations, foreign trade priorities, and approaches to Western financial institutions. As a result, agreeing on common payment or exchange infrastructure requires lengthy negotiations. There are also technical challenges, including setting settlement standards, protecting data, ensuring market liquidity, establishing insurance mechanisms, carrying out clearing, and allocating risks. Because of these obstacles, most initiatives proposed between 2024 and 2026 were still awaiting political approval before they could be put into practice.
This does not mean they were poorly designed; it rather highlights how difficult it is to deepen economic cooperation within BRICS, even as members gradually work through these challenges. The success of Russia’s initiatives will depend on whether member states can agree on interoperable practical solutions and identify projects that are economically viable.
The material was prepared specially for the BRICS Expert Council-Russia
This text reflects the personal opinion of the authors', which may not coincide with the position of the BRICS Expert Council-Russia