What's Changing in BRICS Finances: Futures on Indices Launched, Cautious Rhetoric on the Dollar, and Growth in National Currency Settlements – What Does This Mean for Business?

Two moves toward a new market architecture have acted as catalysts: SPB Exchange has opened trading in cash-settled futures on the indices of Brazil, India, China, and Saudi Arabia, as well as on the BTCUSD index and its own shares. This expands the toolkit for hedging and accessing markets in friendly jurisdictions, as reported by Kommersant. In parallel, BRICS countries are accelerating their transition to settlements in national currencies; Russia's share of such operations in exports has reached 90%, as reported by TatCenter, citing HSE and the Central Bank.

What Exactly Has SPB Exchange Launched – and Why Is It Important for Access to BRICS Markets and Crypto Assets?

SPB Exchange has launched six cash-settled futures: on the indices of Brazil, India, China, and Saudi Arabia, on the BTCUSD bitcoin index (for qualified investors only), and on its own shares. Trading runs from 10:00 AM to 12:00 AM Moscow time with mandatory market maker participation. No fees will be charged until Nov. 30. All contracts are cash-settled, which reduces infrastructure risks for foreign underlying assets, as confirmed by Kommersant.

The exchange has announced plans to expand its lineup (including a futures contract based on the Ethereum index) and is betting on its own futures market technology. The combination of a long trading day, market makers, and cash settlement format makes the new contracts convenient for hedging exposures to BRICS markets and crypto infrastructure.

How Has Russia's Rhetoric on the Dollar Changed – and What Does This Mean for De-dollarization?

The key change is the shift in tone. Vladimir Putin emphasized at "Valdai" that BRICS is not conducting an "anti-dollar campaign," and the transition to national currencies is a pragmatic response to restrictions on USD settlements. This emphasis surprised some Chinese commentators, as recounted by ABN24, citing Sohu. For businesses, this is a signal: de-dollarization is not a slogan, but an operational adaptation that minimizes political risks and transaction costs.

Where Is the Practical Transition to National Currencies in BRICS Already Visible?

The main result is the growth in the share of national currencies in mutual trade. For Russia, this has reached 90% in exports; the share of the ruble in exports has grown to 41%, and the yuan in China's international trade up to 28%. In Russian-Chinese trade turnover, the ruble and yuan exceed 85%, as systematized by TatCenter.

• Infrastructure: Integration of Russia's Faster Payment System with CIPS, mutual recognition of "Mir" and UnionPay, opening of correspondent accounts for direct transfers without Western intermediaries.
• Energy: The first delivery of UAE oil to China was recorded with settlement in yuan – a symbolic move for the sector beyond the dollar's dominance.
• Digital Currencies (CBDC): China, Russia, India, Brazil, and South Africa have made progress in testing; Russia has launched a pilot of the digital ruble and begun international trials; China is expanding the digital yuan usage with pilots involving Russia and the UAE.
• BRICS Platform: A unified digital platform for settlements and investments on blockchain, slated for a pilot in 2026, was announced for 2025.

"The requirements for a unified technical settlement unit are minimal. The main thing is a mechanism that naturally regulates payment flows."

This is how Professor Alexey Ponomarenko (HSE), who is involved in developing an independent payment ecosystem, frames the approach, according to TatCenter.

What systemic shifts are possible by 2026 if the trend intensifies?

The scenario framework is multi-currency rather than dollar dominance. By 2026, consolidation around a basket of currencies, increased roles for the yuan and euro, a larger share of non-USD settlements, and a greater role for gold as a reserve are possible, alongside the development of independent BRICS payment platforms. This sphere of influence, including the launch of BRICS Pay at the Rio Summit in 2025 and the dollar's weakening amid trade confrontation, is described in a "Belnovosti" article. For decision-makers, it's important to treat this as a probabilistic model, not a fait accompli.

What tactical opportunities and risks exist for BRICS+ companies in the next 6–12 months?

• Access and Hedging: SPB Exchange's instruments allow for inexpensive testing of hedging market exposures to Brazil, India, China, and Saudi Arabia (until Nov. 30: 0% commission; trading from 10:00 AM to 12:00 AM; cash-settled contracts), as clarified by Kommersant.
• Crypto Instruments: The BTCUSD index is available only to qualified investors. This is regulatorily grounded in the Central Bank's May document on the right for "quals" to trade crypto asset derivatives, as is evident from a report cited by PRIME.
• Commodity Chains: Russian fertilizers are reaching new production and export records (key importers are Brazil and India), increasing the motivation to fix prices and settlement in yuan/ruble in contracts, as reported by "Vzglyad".
• Liquidity and Convertibility: Risks of rupee restrictions and volatility of the real/rand require a review of payment schedules and working capital buffers (according to TatCenter analytics).
• Technological Asymmetry: Uneven readiness of CBDCs and payment corridors between countries means phased integration and the need for backups through traditional correspondent accounts.
• Political Risks: Trade barriers can change. In the Brazilian direction, contacts are underway regarding the possible cancellation of tariffs with the US, as claimed by MiraNews, making scenario planning for prices/tariffs in contracts appropriate.

What Should a Manager Do Right Now?

• Conduct an audit of currency revenues/purchases and identify flows for pilots in yuan/dirhams/rubles, discounting transaction costs and sanction risks.
• Open/update correspondent accounts and CIPS channels; set up acquiring/mutual settlements via "Mir"/UnionPay; establish procedures for confirming the origin of counterparties' funds.
• Launch a hedging procedure: apply index futures on BRICS markets to insure against price/exchange rate risks; utilize the preferential commission period for testing.
• Incorporate options for settlement currency (RMB/AED/RUB) and re-indexing corridors in contracts with suppliers/buyers in case of tariff/duty changes.
• Update sanction and KYC procedures: separate checklists for operations in national currencies and payment routes outside SWIFT.
• Prepare IT/Finance departments for 2026 CBDC pilots: multi-currency price lists, accounting, and treasury practices for "tokenized" payments, ERP integration with payment gateways.