Achieving Financial Independence: Experts Discuss Development of BRICS National Currency Settlements
How can BRICS countries move away from the dollar in international settlements, and what can they do to advance this goal today? These questions were discussed by experts during a round table at HSE University. The event was organised by the Multilateral Strategic Projects Office together with the HSE Faculty of World Economy and International Affairs as part of HSE’s activities within the BRICS Network University and the Joint Basic Research Projects ‘International Academic Cooperation of HSE University.’
Bruno de Conti
Despite efforts to introduce new currencies into international trade, the dollar is still used in 88% of transactions, noted Bruno de Conti, Professor of Economic Theory at the University of Campinas. This means that only 12% of transactions are conducted in national currencies. ‘The South African rand accounts for 1%, the Brazilian real has the same share, and due to sanctions, there are virtually no transactions in roubles. These figures are negligible compared to BRICS’ importance to the global economy,’ he said. Active steps to challenge the dollar’s dominance are being taken, particularly in China: the share of the Chinese yuan has risen from almost zero in 2007 to 7%. ‘There are bilateral initiatives within BRICS, and this is important especially now that BRICS is expanding,’ Bruno de Conti added.
He quoted Brazilian President Luiz Inácio Lula da Silva, who said in 2023 that he constantly wonders why all countries are forced to support the dollar instead of trading in their own currencies. According to the scholar, changing the situation requires addressing internal BRICS challenges—such as inertia and the difficulty of reconciling diverse national interests. Overcoming internal disagreements and strengthening digitalisation are essential steps forward.
Alexandra Morozkina
Alexandra Morozkina, Associate Professor at the HSE Faculty of World Economy and International Affairs, noted that the use of BRICS currencies in international trade is expanding. The share of the yuan in China’s international trade increased from 15% in 2021 to 28% in 2024. ‘The share of the rouble in total Russian exports grew from 12% in 2022 to 41% in 2024,’ she said. In 2023, a landmark deal took place: the yuan was used for the first time to settle oil transactions between the UAE and China. Increasing the liquidity of national currencies is a step towards de-dollarisation, and BRICS is gradually building the necessary infrastructure for it. ‘The BRICS Grain Exchange is also a step towards setting prices in BRICS currencies,’ Alexandra Morozkina explained.
Alexey Ponomarenko
Alexey Ponomarenko, Professor at the HSE Joint Department with the Bank of Russia, presented a concept for creating a closed international settlement system and discussed in detail models for such settlements, using the Mariana Project as an example. He pointed out that in designing such a system, the requirements for a single technical settlement unit are minimal, meaning that no specific changes to the monetary systems of participating countries would be necessary. Prof. Alexey Ponomarenko emphasised the importance of automatically determining exchange rates—a mechanism that could naturally regulate payment flows.
The round table was moderated by Olga Biryukova, Associate Professor at the HSE Faculty of World Economy and International Affairs. Anastasia Vyskubina, Head of the Online Project Support Department at HSE University, also took part in the discussion.
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