Where is the BRICS Economy Heading: De-dollarization, New Payment Infrastructure, and a Focus on Nuclear Energy?

Synchronized steps by BRICS in two key areas – finance and energy – have become a catalyst. On the sidelines of the UN General Assembly, the foreign ministers confirmed the course towards practical deployment of a cross-border payment initiative, depository and clearing infrastructure, a reinsurance mechanism, and a grain exchange, as reported by the Russian Ministry of Foreign Affairs. In Moscow, during the World Nuclear Week, participants approved the first strategic document of the BRICS nuclear platform, consolidating the industry's joint priorities, as reported by a specialized publication.

What was the direct signal for accelerating BRICS integration in finance and energy?

The short answer: agreement on a set of new financial institutions and the first common strategic document on nuclear energy.

At the meeting of BRICS foreign ministers, the importance of joint implementation of initiatives launched during the Russian and Brazilian presidencies was reaffirmed – from cross-border payments to the depository and clearing circuit, as stated by the Russian Ministry of Foreign Affairs.

Concurrently, a unified vector in the nuclear sector was established: a common cooperation concept was adopted, shifting sector-specific interaction within BRICS from discussions to an action plan.

How do the new BRICS steps relate to de-dollarization and risks for the Euro?

The key connection lies in accelerating the transition to national currency settlements and creating our own trust infrastructure amidst growing legal and sanctions risks for assets in Western jurisdictions.

VTB Bank CEO Andrey Kostin notes the trend towards de-dollarization and the shift to national currencies but considers the creation of a single currency premature without deep policy integration; the priority is to build an alternative infrastructure and promote digital payment solutions, as he noted at the forum.

Simultaneously, the issue of the status of frozen Russian assets has intensified in the EU: Belgium opposed the idea of using them as collateral for loans to Ukraine, warning of the risk of reserves flowing out of the Eurozone; at stake is confidence in the Euro, whose share in global reserves is about 20%, and significant volumes of Russian assets in Euroclear (estimated at €185–194 billion), as analyzed by business press, citing official statements and expert assessments.

"To take the money and leave the risks with us. That will not happen... It will never happen."

What are the tactical consequences for settlements and payments in 2025–2026?

The main consequence is the acceleration of the transition to national currencies and the connection of businesses to new settlement channels that BRICS is moving to a practical plane through its cross-border payment initiative and proprietary clearing infrastructure, as stated following the ministers' meeting.

Second, there is demand for "sanctions-proof" processes: from diversifying correspondent accounts and depositories to testing BRICS digital payment services. This is facilitated by increased external trade risks: mentions of tariff threats against member countries push for reduced dependence on dollar-centric channels, as pointed out by Kostin.

Why is nuclear energy becoming an economic "anchor" for BRICS?

Because BRICS already accounts for close to a third of operational nuclear power plants and over 70% of reactors under construction; by 2030, the bloc will provide at least two-thirds of the global nuclear generation growth, as emphasized by the platform's coordinators.

The new document outlined joint priorities: - Training personnel for the nuclear industry; - Attracting finance for capital-intensive projects; - Ensuring the sustainability of supply chains for equipment and fuel; - Development of reactor technologies; - Increasing public acceptance of nuclear energy.

A broad industry coalition supported the platform: signatories include CNNC (China), NECSA and Eskom (South Africa), NPPD (Iran), ABDAN (Brazil), ABEN (Bolivia), relevant Egyptian and Ethiopian bodies, and Rosatom, as reported following the conference.

The context is further strengthened by the "pragmatic ecology" of the bloc's largest participant: China has increased its renewable energy capacity, is modernizing its coal power generation, and is balancing reliability with "green" goals, as assessed by Russia's Special Envoy Boris Titov.

What does this mean for BRICS businesses: risks and opportunities?

• Payments and Finance:
• - Audit your settlement chains: open reserve correspondent accounts and depository lines in friendly jurisdictions and test the channels of the future BRICS payment initiative.
• - Increase the share of contracts in national currencies with built-in hedging and force majeure clauses to account for changes in asset regimes in the EU/US.

• Trade and Logistics:
• - Factor in the risk of tariff and non-tariff barriers in Western markets into your pricing; expand routes through BRICS and Global South partners.
• - Diversify insurance coverage, considering the formation of the BRICS reinsurance mechanism.

• Energy and Industry:
• - For suppliers: build localization in nuclear supply chains (materials, control, engineering), focusing on the approved platform priorities.
• - For large energy consumers: evaluate long-term contracts with nuclear generation as a tool to reduce energy cost volatility.

• ESG and Government Relations:
• - Synchronize corporate environmental programs with the BRICS agenda and national goals – this enhances access to financing and joint projects.
• - Strengthen participation in BRICS industry alliances (finance, nuclear, agro) where decisions are moving into the implementation phase.