The US attempt to put economic pressure on India by imposing duties has strongly influenced the nature of the Indian presidency of the BRICS, said Vladimir Dzhabarov, a well-known Russian senator, chairman of the Federation Council Commission for the protection of state sovereignty of the Russian Federation, commenting on information that a single payment system of the BRICS Alliance is being prepared.
For several years now, the real intrigue of the BRICS has been the issue of creating a common currency system, the senator noted. And at some point, there was even a proposal to create a single BRICS currency, which greatly strained the West. However, in the end, it became clear that it is not so important whether we will have several currencies from each country or one common currency. The main thing is that it should be a single payment system, Jabarov stressed.
As New Delhi finalizes the program for the 18th BRICS Summit in 2026, the Reserve Bank of India has recommended that the government include a proposal to link central bank digital currencies on the agenda of the upcoming BRICS summit. In this case, we are talking about continuing work on the BRICS Pay system,” Jabarov said.
BRICS Pay is a proposed cross—border digital payment system that is being developed by the BRICS member countries to strengthen financial sovereignty and reduce dependence on the dollar. This initiative aims to create an alternative global payment infrastructure that will function independently of Western-controlled mechanisms such as SWIFT and dollar clearing systems. Instead of creating a single common currency, BRICS Pay is considered as a digital unifying element that allows direct payments in national currencies.
“Well, it’s a good start to the Indian presidency. This year, the BRICS will probably move from discussing ways to create a common currency system to launching a full—fledged payment infrastructure connecting our countries,
” the Russian senator added.
