On November 7, 2025, the Valdai Club hosted a presentation of the report "Beyond the Dollar: BRICS Initiatives for a Multipolar Financial System." Moderator Oleg Barabanov emphasized that for many countries facing US sanctions and tariffs, the topic of abandoning the dollar in mutual settlements is becoming increasingly pressing. Many BRICS+ countries are raising the issue of strengthening mutual solidarity, building stronger ties, and establishing a support system.
The report's author, Paulo Nogueira Batista, Vice President of the New Development Bank (2015–2017) and Managing Director for Brazil and Other Countries at the International Monetary Fund (IMF) (2007–2015), noted that a world beyond the dollar is important to discuss for two main reasons: the US tendency to weaponize the monetary system and the fragility of the economic and financial structure of the US economy. As a result of these trends, the process of de-dollarisation has already begun. At the same time, the euro cannot replace the dollar, as European countries lack financial autonomy. Among the currencies of the Global South, the yuan could be a potential successor to the dollar, but the Chinese are unsure if they are ready to transform their country into the issuer of a global currency. China has a successful economic model, and fully internationalizing the yuan could undermine its success. Therefore, other alternatives will likely be needed. "We need to find an innovative way to move beyond the dollar. Until now, national currencies have played an international role, but we need an international currency that does not play a national role," the researcher stated. He believes that the BRICS countries could play a special role in its creation. A new international issuing bank would need to be created for this currency, operating under a rules-based system. Ultimately, a new unit of account would have to emerge, not only for BRICS but also for other countries, a kind of analogue to the IMF's Special Drawing Rights. In the future, it will develop into a fully functional international currency, playing no role in the domestic economic life of states. "This is how I see the path to the future," concluded Nogueira Batista.
Dmitry Birichevsky, Director of the Department of Economic Cooperation at the Russian Ministry of Foreign Affairs, noted the lack of functionality in the financial system created by the West after World War II and based on the dominance of the dollar, a fact recognized by the Bretton Woods institutions as well. He emphasized that Russia did not initiate de-dollarisation; the West itself is pushing it to abandon the dollar through illegitimate, politicized restrictions, which any country could face in the future. It turns out the system lacks stability, predictability, and reliability. These restrictions unbalance markets, harm supply chains, logistics, and payments, and this becomes a heavy burden for consumers both in the West and in the Global South. Such measures are purely political in nature and often contradict the rules established by the United States and its allies. In particular, international financial institutions are becoming agents of Western will. Birichevsky called the current situation—the restrictions imposed on Russia and the threats against its partners—"sanction voluntarism," pointing to the danger it poses for the entire world. As a result, an increasing number of countries are attempting to secure their transactions by diversifying payment instruments, but one shouldn't expect radical and rapid changes; it requires painstaking and arduous work. "We shouldn't artificially shape this process. Everything needs to be carefully thought out," the diplomat said.
Radhika Desai, professor in the Department of Political Studies and director of the Geopolitical Economy Research Group at the University of Manitoba in Canada, noted that the emphasis on weaponizing the dollar against Russia, Venezuela, and a number of other countries ignores the fact that the dollar has always been used as a weapon, albeit less actively. What we're facing isn't new changes, but an old, fundamental problem. The United States has long wanted to transform the dollar into an instrument of global influence. The pound sterling once played a similar role, but it ultimately disappeared precisely because a national currency was incapable of playing an international role. "The US dollar cannot function as a global currency without a series of expansionist measures," Desai believes. This predatory system, which demands the entire world open its capital markets, negatively impacts developing countries. Desai believes that members of the global community need to exercise proper economic sovereignty, but the existing financial system hinders this.
Anna Tsibulina, Associate Professor of the Department of Integration Processes at MGIMO, emphasized that the topic of de-dollarisation, or at least reducing the dollar's role in the global economy, is not new. Such attempts have been made in many integration associations, but all were unsuccessful. Ultimately, the resulting systems remained linked to the US dollar. Currently, the US, through its sanctions, is undermining confidence in the dollar, which is causing economic damage. However, this is not the first such turbulence in its history, and it has managed to overcome each crisis. Moreover, it's difficult to say how much demand there is in the business community for change to the current system. The dollar is convenient, and against this backdrop, many economic actors may perceive sanctions as temporary and expect to weather them. Changing entrepreneurs' approaches could prove challenging, especially since the United States will resist these efforts, Tsibulina warned.
Rasigan Maharajh, Director General of the Institute for Economic Research on Innovation at the Tshwane University of Technology (South Africa), noted that the dollar's share of global reserves is gradually declining. At the same time, America's power is maintained, among other things, through political instruments, including pressure on the elites of other countries. Speaking about the possible role of BRICS+ countries in creating practical alternatives not only for themselves but also for developing countries as a whole, Maharaj called this task "laudable, but very difficult," adding that expanding platforms for exchanging experiences and discussing the fight against hegemony could be useful. He believes more facts are needed about the actual effectiveness of global financial institutions, and it's worth paying attention to the origins of their mandates.
Marco Fernandes, Brazil's representative on the BRICS Citizens' Council, sees the financial instruments being developed in ASEAN countries as a significant factor in de-dollarisation. He believes that ASEAN—a huge economic bloc and China's largest trading partner—will continue to diversify financial flows. In the context of BRICS+ countries' potential for de-dollarization, Fernandes pointed to the commodity market, which he considers an underappreciated area. BRICS countries account for a large share of food and energy production. Currently, discussions are underway on the creation of a BRICS grain exchange. The analyst believes this approach should be expanded to include energy and rare earth metals trading. He believes this could become a highly effective additional mechanism for de-dollarisation.
