BRICS Turns Multipolarity from Slogan to System — and What It Means for BRICS+ Business

The catalysts of the week were the convergence of political signals and practical steps. On the financial track, the BRICS New Development Bank (NDB) announced plans to issue its first rupee-denominated bonds worth $400–500 million with a 3–5 year maturity by the end of March 2026, finalizing negotiations with the Reserve Bank of India. The bank is also directing up to 30% of its funding towards the currencies of member states, with around a third of its already issued $11 billion denominated in national currencies (primarily yuan and rand), as reported by ArmBanks.am. On the diplomatic track, Russia's Ambassador to Serbia, Alexander Botsan-Kharchenko, publicly linked the format's growing attractiveness to the transition to multipolarity, emphasizing that BRICS remains an organization of equal participants, as conveyed by RIA Novosti.

What direct political signals point to BRICS' accelerated multipolar course?

BRICS diplomacy is expanding its outreach through partnerships, from the Balkans to global discussion platforms.

In Belgrade, the message was conveyed that BRICS is a "key mechanism" for a multipolar world. Against this backdrop, public interest in Serbia is growing: according to Aleksandar Vučić, support for BRICS has reached 42%, equaling that for the EU, and discussions about a potential referendum have been scheduled on the medium-term agenda, as reported by RIA Novosti.

At the Valdai Discussion Club, Wang Huiyao, founder of the Center for China and Globalization, proposed a "grand ten" format involving Russia, China, and India as a tool to strengthen international coordination, serving as an alternative to fragmentation and an amplifier for the G20, as reported by TASS.

"Multipolarity does not mean harmonious chorus."

This caveat highlights the need for constant "manual tuning" of global politics through intensive leader contacts, as noted by Anastasia Likhacheva.

Ideologically, "BRICS plus" aligns with objective demographic and economic shifts. A similar positive, non-violent agenda is observed in the SCO ("development without imposition"), as noted by Likhacheva.

How is BRICS' financial architecture changing — and why is NDB venturing into rupees?

The NDB's entry into the rupee market is translating multipolarity into practice for settlements and project financing in national currencies.

The first rupee tranche of $400–500 million (3–5 years) by the end of March 2026, with final approvals from the Reserve Bank of India, a focus on increasing the share of national currencies to 30% in funding, and already a third of placements in yuan/rand, are the infrastructural building blocks of de-dollarization and a step towards the internationalization of the rupee, as reported by ArmBanks.am.

For businesses, this means expanded local currency financing in India, increased depth and liquidity of the Indian debt market, and the emergence of natural hedges for transactions in rupees/yuan without excessive conversion costs.

Why has BRICS technological cooperation become a systemic factor of multipolarity?

Because it is forming autonomous standards, talent, and infrastructure — from AI to cybersecurity.

Sino-Russian cooperation is moving towards a "non-Western" technological ecosystem, evidenced by record state investments from China in quantum computing ($15.3 billion in 2023), a rise in joint BRICS publications (over 15,000 per year), and an institutional response to sanctions pressure, as written by InoSMI, citing infoBRICS.

In practical terms, the standardization of trusted open-source is being launched: Russian IT companies and universities have agreed on principles (verifiable builds, license purity, operational support) and a model for mutual recognition of audits in critical information infrastructure (CII), as reported by Newsler.ru.

The talent and institutional framework is also being strengthened through educational cooperation: the V International Olympiad on Financial Security opened in Krasnoyarsk, with 600 participants from 40 countries of BRICS, SCO, CIS, and others, as reported by IA 1-Line.

What are the tactical opportunities and risks for BRICS+ business in the next 12–18 months?

The main windows of opportunity lie in local capital markets, software standards, and the export of digital/cultural services; key risks include cyber threats and regulatory fragmentation.

• Indian Capital Markets. NDB's rupee bonds are creating a new demand anchor and interest rate benchmark for corporate issuers, while also providing EM investors with a tool aligned with the trend of local currencies, as reported by ArmBanks.am.
• Currency Settlements and Hedging. The expansion of project financing in national currencies reduces transaction costs and currency risks in supply chains between India, China, Russia, and South Africa.
• Technological Security. The emergence of a "trusted" OSS repository and mutual audit recognition simplifies compliance for the public sector and CII and reduces time-to-deploy, as reported by Newsler.ru.
• Digital Solution Exports. The Runet economy grew to 24 trillion rubles in 2024 (+40%+ for the second consecutive year), with a forecast of 29.5–30.5 trillion rubles in 2025. The strategic vector is the export of IT solutions to BRICS/CIS/Middle East/Southeast Asia, as noted by Lenta.ru.
• Content and Soft Power. Cultural projects and co-productions within BRICS enhance brand recognition and the licensing market. The synergy of "content + platforms" increases conversion rates for deals and IP recognition.
• Personnel and Financial Security Compliance. The expansion of international educational programs on AML/CFT and digital hygiene reduces operational risks in cross-border payments, as conveyed by IA 1-Line.
• Geopolitical Monitoring. The Balkan window of partnership and the growing interest in BRICS in Serbia increase the probability of niche projects but require careful navigation of EU regulatory restrictions.

Conclusion: BRICS is moving from declarations to institutional mechanisms — local capital markets, technological standards, and human capital infrastructure. For BRICS+ companies, this presents an opportunity for "quick wins" in financing and technology, provided they maintain compliance discipline, cybersecurity resilience, and finely tuned diplomatic partnerships.