Russia hopes for a consensus declaration at the upcoming BRICS summit, with member nations agreeing to settle nearly 90% of trade in local currencies. “Use of national currencies is not a de-dollarisation policy. We’re simply doing what is better for national interests,” said Kremlin spokesperson Dmitry Peskov, speaking to Indian journalists. He also stressed that the summit must focus on deepening cooperation across politics, finances, and new technologies.
“If they don’t let us use their money, we use our own money,” he said while lashing out at the US sanctions on Russia. He cautioned that BRICS must not fall under political pressure and keep local currencies above all at the upcoming summit. The group must show what a fair, multipolar world should look like, he said. Peskov also addressed the growing disagreements between member nations Iran and the UAE.
“Understandably, there are contradictions in their (Iran and UAE) positions,” Peskov said. He acknowledged the problems between the two and said that Russia is ready to negotiate to contribute to normalization. “We sincerely wish those countries who are good friends of Russia to overcome this very hard period. Russia is ready to contribute, if it is necessary, towards normalisation of ties,” he added. Russia knows that it requires the consensus of the UAE in order to make BRICS shift to trade in local currencies.
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Russia Wants Local Currencies To Be the New Normal
The 18th BRICS summit will be held in India’s New Delhi on September 12 and 13, 2026. India is likely to discuss the prospects of linking local currencies to the CBDC network. The Reserve Bank of India (RBI) had proposed the idea in January this year. Linking local currencies of member nations to a digital currency format can usher in a new era of payments. The development can make the alliance self-reliant and not be subjected to threats from the West.