Kazan, Russia – South African President Cyril Ramaphosa has lauded the recent BRICS Summit in Kazan, Russia, as the “most successful in history,” highlighting groundbreaking developments in creating models to reduce reliance on the US dollar.
The Russian presidency, led by President Vladimir Putin, spearheaded initiatives aimed at strengthening financial independence among BRICS nations, with plans now set for Brazil to lead the implementation of these strategies.
Russian Deputy Foreign Minister and BRICS Sherpa Sergey Ryabkov, speaking at a post-summit press conference, outlined the summit’s significant achievements in finalizing agreements aimed at de-dollarization. “The next step, of course, should be implementing these ideas [on reducing dollar reliance] into practical actions and systems,” Ryabkov stated. He added that while this transition involves “sensitive areas with risks of sanctions,” BRICS nations have developed protective measures to counter such challenges. “These are not just words but the result of work formalized in agreements,” he emphasized.
One of the summit’s core focuses was the establishment of clearing systems independent of SWIFT, the Western-dominated global messaging network, which many BRICS members view as an instrument of economic control. Ryabkov underscored the importance of building multilateral networks for mutual settlements that avoid reliance on SWIFT. “Weaning off the dollar through mutual settlement clearing schemes is a well-tested approach that needs further development and multilateral character,” he said.
Innovations such as BRICS Bridge, BRICS Clear, and BRICS Reinsurance emerged as tangible outcomes of the summit, designed to facilitate financial transactions and reduce exposure to Western sanctions. These systems, Ryabkov explained, aim to address critical logistics and insurance challenges by offering alternatives outside Western influence.
Another key theme was the push for greater use of national currencies within BRICS for trade and investment. Ryabkov highlighted the advantages of de-dollarization through “direct, clear, and effective” utilization of national currencies, an approach the bloc plans to expand significantly in the coming years. Digital currencies were also a focal point, with Ryabkov noting that BRICS nations are exploring currency digitalization as part of this financial overhaul. “We are accumulating experience, and it is very positive,” he remarked, signalling BRICS’ intent to fast-track digital currency initiatives in subsequent summits.
This summit’s momentum now shifts to Brazil, set to take on the BRICS presidency, with a mandate to drive these innovations forward. Ramaphosa and other BRICS leaders voiced optimism that Brazil’s leadership will expedite the implementation of these agreements, advancing economic independence across the bloc.
As BRICS nations move to further their collaboration on these fronts, the summit has raised global attention, especially among emerging markets keen on alternatives to dollar-dominated trade systems. The Southern African Development Community (SADC) and the African Union have also expressed interest in BRICS’ de-dollarization efforts, viewing them as potential models for greater economic resilience in their regions.
With BRICS now transitioning from discussions to concrete actions, this historic summit has set the stage for a fundamental shift in global finance, one that could redefine international trade and investment landscapes.