BRICS News & Analysis

BRICS

Intra-BRICS trade is booming, driven by the expanded BRICS+ bloc (now including energy-rich nations like Iran, UAE, Saudi Arabia) and a strong push for de-dollarization, boosting local currency settlements and new payment systems like CIPS. Key themes include diversifying supply chains, enhancing South-South cooperation, developing local payment systems (NDB, CIPS), and fostering tech/industrial integration to reduce reliance on Western markets, with total intra-bloc trade already exceeding US$1 trillion and growing significantly. Navigate the BRICS business framework. Find news on economic cooperation, the New Development Bank, and joint investment projects. Essential for businesses leveraging the powerful BRICS economic bloc.

Featured June 25, 2024

India’s Prime Minister Modi To Visit Russia On July 8

The newly re-elected Indian Prime Minister Narendra Modi is to visit Russia on July 8th, according to Indian news media. It will be his first trip to Russia for nearly five years and comes as Indian trade with Russia is hitting new highs, while BRICS collaboration is intensifying. Modi’s visit comes a little over three […]

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Featured June 23, 2024

Interview With The Russian Union of Industrialists and Entrepreneurs on Cooperation Between Russian Businesses in China and India

Russia’s Kommersant newspaper has interviewed Vitaly Mankevich, the Chairman of the Russian-Asian Union of Industrialists and Entrepreneurs (RASPP) nd discussed the relationships between Russian businesses in China and India. We feature the interview below:  What is the current situation with receiving payment from Russian legal entities in Chinese banks? “Briefly describing the situation is quite […]

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June 18, 2024

Malaysia To Apply To Join BRICS

October 25 Update: Malaysia has now been granted ‘BRICS Partner’ status. See more here. Malaysia has decided to apply for BRICS membership and will start filing the official paperwork soon, Malaysian Prime Minister Anwar Ibrahim has said. Existing BRICS member South Africa has agreed to accept a request. Anwar said “We have made our policy […]

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June 17, 2024

Russia Outlines “BRICS Bridge” Digital Settlement Plans

Russia has proposed to BRICS countries and partnership members a mechanism for cross-border payments based on the BRICS Bridge settlement platform, according to Anton Siluanov, Russia’s Finance Minister. He explained that the mechanism would see BRICS members central banks issue digital financial assets (DFAs), which would in turn peg their value to the national currencies […]

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June 14, 2024

The Chinese RMB Yuan Becomes Russia’s Currency Valuation Baseline: The Implications For The US Dollar and Euro 

In response to Wednesday’s (June 12) US sanctions concerning the provision of services to Russia for trading US dollars or Euros, the Bank of Russia has stated that the Chinese RMB Yuan / Russian Ruble exchange rate will now be the baseline from which other currency pairs, including for the euro and the dollar, will […]

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June 13, 2024

Moscow: Iran Would Benefit By Joining BRICS New Development Bank

Sergey Ryabkov, Russia’s Deputy Foreign Minister has said that Iran would benefit if it joined New Development Bank established by the BRICS countries. Speaking at the BRICS foreign ministers meeting in Nizhny Novgorod, he said that “In order for Iran’s entry into BRICS to face the least difficulties, it is necessary to take a number […]

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June 13, 2024

Venezuela Interested In Joining BRICS

Russian Foreign Minister Sergey Lavrov said during talks with his Venezuelan counterpart Yvan Gil Pinto during the BRICS Foreign Ministers’ meeting this week, that Russia welcomes Venezuela’s interest in BRICS and will contribute to the strengthening of relations as the BRICS 2024 chair.  Lavrov stated that “We are glad to see you and your delegation […]

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June 11, 2024

Future BRICS Currency To Combine A Gold Standard & Sovereign Currency Mix

As we reported last week, Russian President Vladimir Putin has held meetings with Dilma Rousseff, the Head of the BRICS New Development Bank (NDB). A new priority for the NDB, as directed by its shareholders, is the development of a new digital currency to facilitate direct trade between members and bypass sanctions imposed on Russia […]

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June 10, 2024

Zimbabwe – BRICS Multilateral Trade Shoots Up as Harare Looks To Join  

Zimbabwe maintains good relations with all BRICS member countries and it is edging closer to joining the grouping, Zimbabwean President Emmerson Mnangagwa said as he returned home from the St. Petersburg International Economic Forum (SPIEF). Mnangagwa said that “Zimbabwe is edging closer to joining the BRICS economic bloc. Our good relations with members will enhance […]

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