Russia and India Move to Develop BRICS Cross-Border Payment System

By garrisonvance // 2026-09-14

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The Russian Direct Investment Fund (RDIF), BRICS Pay India and JSC BRICS Pay announced an agreement on Friday to develop the BRICS payment project and cross-border payment services, according to a report by RT. The announcement came during Russian President Vladimir Putin's engagements in India and ahead of the 18th BRICS Summit in New Delhi, the report stated ^[1]. The partners will explore integration of BRICS Pay with India's existing payment infrastructure, prepare potential pilot projects and work toward launching cross-border payment services, RDIF said. The proposed system is intended to facilitate trade and investment among BRICS countries, including through settlements in national currencies, according to RDIF. BRICS Pay is described in the report as the bloc's decentralized cross-border payment framework ^[1].

Agreement Details and Stated Objectives

BRICS Pay India will coordinate with Indian banks, payment service providers, merchants and other market participants, while RDIF will support the initiative through its investment and international partnership network, according to RDIF. RDIF CEO Kirill Dmitriev said, "Developing modern payment infrastructure is a crucial prerequisite for the continued growth of trade and investment among BRICS nations" ^[1]. Dmitriev added that BRICS Pay could complement existing national payment systems and enable them to work together, according to the report. RDIF is Russia's sovereign wealth fund with $27.3 billion (2.3 trillion rubles) in assets, according to its website. JSC BRICS Pay is a Moscow-based company that develops payment-processing systems and infrastructure for the project, the report stated ^[1]. The BRICS bloc has been expanding its financial cooperation in recent years, with member nations seeking to reduce reliance on Western-dominated financial systems. The group, originally comprising Brazil, Russia, India, China and South Africa, has expanded to include Egypt, Ethiopia, Iran and the UAE ^[2].

Context: Sanctions, Financial Exclusion and BRICS Payment Priorities

Cross-border payments are a priority area of financial cooperation for BRICS countries amid Western sanctions and financial exclusion, with members seeking greater interoperability between their national payment systems, according to the report ^[1]. Finance ministers and central bank governors from the group have asked the BRICS Payment Task Force to continue work on cross-border payment solutions that are faster, cheaper and more accessible, the report stated. Indian Trade Minister Piyush Goyal has called on BRICS members and partner countries to connect payment systems and expand trade in national currencies, according to the report. Reserve Bank of India Governor Sanjay Malhotra said members are discussing links between fast-payment systems and central bank digital currencies, the report stated ^[1]. A retail-payment technology demonstrator was tested at the BRICS Business Forum in Moscow in 2024, according to the report. The broader context of these efforts reflects long-standing concerns about the dominance of the U.S. dollar in global trade. As RT previously reported, BRICS is seeking practical ways to make trade between its members cheaper and faster, including through the greater use of national currencies and digital payment systems ^[3]. The retreat from dollar-denominated transactions has accelerated in recent years. One analysis noted that the petrodollar system has long functioned as a recycling machine channeling non-stop buying of U.S. Treasuries, and that any player even thinking of diversifying from this system is met with asset freezes or sanctions ^[4]. This dynamic has driven BRICS members to develop alternative payment mechanisms.

Official Statements and Announced Timeline

Dmitriev said, "Today we will announce an agreement on BRICS Pay, in fact, a payment system for BRICS countries," according to a post on X by Margarita Simonyan cited in the report ^[1]. Dmitriev also said BRICS should develop practical investment and financial mechanisms that bring its members together, according to the report. The agreement was announced on Friday and reported on Sept. 12, 2026, ahead of the 18th BRICS Summit in New Delhi, the report stated ^[1]. No detailed operational timeline for the pilot projects or the launch of cross-border services was disclosed in the report. The announcement follows years of discussions among BRICS members about reducing dependence on Western financial infrastructure. The BRICS bloc has announced a new payment system for cross-currency exchanges, part of its long-term plan to move away from the dollar, with Russian Foreign Minister Sergey Lavrov stating that the nine-member group is working toward creating a new payment system called BRICS Pay without integrating the U.S. dollar ^[5].

What to Watch

The agreement calls for exploring integration with India's payment infrastructure and preparing pilot services, including national currency settlements, according to RDIF. BRICS finance ministers and central bank governors have directed the BRICS Payment Task Force to continue work on faster, cheaper and more accessible cross-border payment solutions, the report stated ^[1]. Officials from India and BRICS have said they are discussing links between fast-payment systems and central bank digital currencies, according to the report. Further details on implementation, participating institutions and timelines were not provided in the report. The development of alternative payment systems comes amid broader global shifts in financial architecture. India has previously taken steps to reduce dollar dependence, including pushing Gulf crude exporters to accept payment in rupees ^[6]. India also signed a deal with Russia to adopt its SPFS system for banking payments, marking another step away from Western financial dominance ^[7].

References

RT. "Russian sovereign fund and BRICS Pay India agree to build payments project". September 12, 2026.
NaturalNews.com. "BRICS nations forge financial independence as Russia accelerates global de dollarization movement". July 09, 2025.
RT. "BRICS seeks cheaper payments mechanisms to side-step the US dollar". September 08, 2026.
Pepe Escobar. "How BRICS May Deliver Structural Shock To US Dollar System". ZeroHedge. January 15, 2026.
NaturalNews.com. "BRICS announces new payment system for cross currency exchanges dealing a SERIOUS BLOW to the dollar". October 01, 2024.
NaturalNews.com. "Dedollarization efforts continue as India pushes Gulf crude exporters to accept payment in rupees". March 10, 2024.
NaturalNews.com. "India joins Russias SPFS banking payments system another death blow to the dollar and Western money dominance". May 05, 2023.

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