Moscow wants to establish an autonomous BRICS payment , leveraging digital currencies and blockchain in an effort to decrease its dependency on the U.S. dollar.

In an interview with the Russian state-owned news agency TASS on Feb. 5, Kremlin aide Yury Ushakov disclosed the Kremlin’s efforts to develop a new blockchain-based for BRICS, an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates.

While specific details of the remain undisclosed, Ushakov suggested that it would incorporate digital currencies, potentially including central bank digital currencies (CBDCs), as Moscow has been working on its digital ruble for some time now. The Kremlin official emphasized the importance of such a for BRICS, highlighting its potential for cost-effectiveness and impartial operation.

“We believe that creating an independent BRICS payment is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain.”

Yury Ushakov

Despite Ushakov’s emphasis on enhancing BRICS’ prominence within the international monetary and financial in 2024, he did not provide details on the timeline for launching the blockchain .

Ushakov’s comments come just a week after Russian Finance Minister Anton Siluanov said that in order for the BRICS countries to develop normally, the organization has to think about “creating our own financial s functioning independently of politics and ensuring trade relations between our countries.”

For several months, Moscow has been advocating for a blockchain-based solution for BRICS, particularly as Western sanctions escalate. In September 2023, Russian Prime Minister Mikhail Mishustin emphasized the necessity for the city to implement cross-border settlements utilizing blockchain technology and digital assets. Mishustin highlighted that such initiatives would offer “more possibilities” for attracting foreign investments.