Vladimir Putin Wants BRICS to Break Free From Western Financial Pressure, But a Unified Payment System Still Faces One Major Hurdle — 'Trust'
A BRICS payment network could help the bloc expand local-currency trade and reduce reliance on Western financial channels, but building trust and common rules remains a major challenge, according to an executive of the BRICS Business Council. BRICS Payment System Faces Trust Hurdle A unified payment system for the 11-member BRICS bloc is achievable, but member countries must first agree on transaction safeguards, data security and cross-border financial rules, Ziaad Suleiman, chair of the Digital Economy Working Group, South Africa Chapter, BRICS Business Council, said. "A unified payment system for BRICS is certainly achievable. What we need is the right level of trust and an appropriate framework," Suleiman told BusinessLine. He said countries would need confidence that financial data is protected and transactions are secure, while also understanding how businesses and financial institutions operate across member economies. The growing bloc has been exploring stronger payment connectivity and greater use of local currencies for trade. However, Suleiman said there is no one-size-fits-all approach and arrangements will likely depend on trade volumes and bilateral relationships. "I
A BRICS payment network could help the bloc expand local-currency trade and reduce reliance on Western financial channels, but building trust and common rules remains a major challenge, according to an executive of the BRICS Business Council. BRICS Payment System Faces Trust Hurdle A unified payment system for the 11-member BRICS bloc is achievable, but member countries must first agree on transaction safeguards, data security and cross-border financial rules, Ziaad Suleiman, chair of the Digital Economy Working Group, South Africa Chapter, BRICS Business Council, said. "A unified payment system for BRICS is certainly achievable.
What we need is the right level of trust and an appropriate framework," Suleiman told BusinessLine. He said countries would need confidence that financial data is protected and transactions are secure, while also understanding how businesses and financial institutions operate across member economies. The growing bloc has been exploring stronger payment connectivity and greater use of local currencies for trade. However, Suleiman said there is no one-size-fits-all approach and arrangements will likely depend on trade volumes and bilateral relationships.
"I think it’s about choice. It’s about multilateral agreements. It’s about deciding which is their currency of trade," he said. Read Also: Trump Envoys Witkoff, Kushner Meet Putin in Moscow for 3-Hour Talks as US Pushes 'Substantive Plans' to End Russia-Ukraine War Putin Targets Western Economic Pressure Russian President Vladimir Putin said Friday that Russia has faced more than 30,000 sanctions, arguing that economic pressure and trade restrictions have become tools of geopolitical competition, reported NDTV.
He said Russia has responded by strengthening ties with "reliable, predictable partners" and that its economic growth over the past three years has exceeded the global average. S. Senate passed the bipartisan Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 by an 86-11 vote, allowing President Donald Trump to impose tariffs of up to 100% on countries such as India and China that continue significant Russian oil and gas purchases.
The measure could further pressure India-Russia energy trade, while also expanding sanctions on Putin, senior officials, financial institutions and Russia-linked energy projects. Indian Commerce Minister Piyush Goyal urged BRICS members and partner countries to connect payment systems and facilitate trade in local currencies, The Indian Express reported. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors. Read Also: Anthony Scaramucci Says 'Putin Owns' Trump, Questions President's NATO, Ukraine and Russia Policy: 'Something's Wrong' Image via Shutterstock