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According to Alexander Murychev, the previous global model, in which countries integrated into global value chains, has come to an end. It has been replaced by sanctions, tariff wars, and the erosion of the WTO's functionality. "In this new reality, BRICS is ceasing to be just another club—it is becoming the foundational framework for economies unwilling to operate under an alien paradigm," he emphasized. Centers of business cooperation are shifting to the Global South, and for Russia, this is a pragmatic response to sanctions pressure. To make this response effective, there must be a transition from political declarations to project infrastructure—seamless supply chains, multimodal corridors, and integrated payment and settlement connectivity. It is these very infrastructural frameworks that transform agreements into viable business models.
The scale of interaction is already substantial: bilateral trade between Russia and China reached $214.3 billion from January to September 2026, marking a 30.6% increase. However, the geography of business ties remains narrow—for instance, in the fisheries sector, over 94% of the value is accounted for by China. Alexander Murychev emphasized that the goal is not merely to increase sales volume, but to jointly create greater value-added in processing, mechanical engineering, agricultural technologies, logistics, and digital services.
Among the main obstacles to cooperation, the RUIE Vice President identified the conflation of mere trade with joint projects (which require investment and risk-sharing), discrepancies in standards, and a weak financial infrastructure. The RUIE has already proposed establishing a standardization subgroup within the BRICS Business Council.
Alexander Murychev also focused specifically on cross-border payments. The market has adapted: the monthly transaction volume has stabilized at $12–14 billion, the ruble's share in exports has reached 41%, and the yuan's share in trade with the PRC stands at 35–40%. Payment fees have decreased from 5% to 2–3%. To ensure further stabilization, the RUIE proposes six measures, ranging from the creation of an independent payment infrastructure under the control of Russian banks to the development of barter schemes and digital financial assets (DFAs) for foreign economic activities. The implementation of these measures will reduce transaction costs and enhance the predictability of foreign trade operations for businesses, Alexander Murychev concluded.
Photos: RUIE.
22 October, 2026
Alexander Murychev: BRICS Becomes the Foundational Framework for Economies Unwilling to Operate Under an Alien Paradigm
Alexander Murychev, Vice President of the RUIE and Chairman of the Board of the Financial and Business Association of Euro-Asian Cooperation (FBA EAC), delivered a keynote address at the plenary session of the BRICS+ Business Forum "Connecting BRICS, Building the Future: Project Cooperation as a Driver of Sustainable Growth" in St. Petersburg on October 22, 2026.
According to Alexander Murychev, the previous global model, in which countries integrated into global value chains, has come to an end. It has been replaced by sanctions, tariff wars, and the erosion of the WTO's functionality. "In this new reality, BRICS is ceasing to be just another club—it is becoming the foundational framework for economies unwilling to operate under an alien paradigm," he emphasized. Centers of business cooperation are shifting to the Global South, and for Russia, this is a pragmatic response to sanctions pressure. To make this response effective, there must be a transition from political declarations to project infrastructure—seamless supply chains, multimodal corridors, and integrated payment and settlement connectivity. It is these very infrastructural frameworks that transform agreements into viable business models.The scale of interaction is already substantial: bilateral trade between Russia and China reached $214.3 billion from January to September 2026, marking a 30.6% increase. However, the geography of business ties remains narrow—for instance, in the fisheries sector, over 94% of the value is accounted for by China. Alexander Murychev emphasized that the goal is not merely to increase sales volume, but to jointly create greater value-added in processing, mechanical engineering, agricultural technologies, logistics, and digital services.
Among the main obstacles to cooperation, the RUIE Vice President identified the conflation of mere trade with joint projects (which require investment and risk-sharing), discrepancies in standards, and a weak financial infrastructure. The RUIE has already proposed establishing a standardization subgroup within the BRICS Business Council.
Alexander Murychev also focused specifically on cross-border payments. The market has adapted: the monthly transaction volume has stabilized at $12–14 billion, the ruble's share in exports has reached 41%, and the yuan's share in trade with the PRC stands at 35–40%. Payment fees have decreased from 5% to 2–3%. To ensure further stabilization, the RUIE proposes six measures, ranging from the creation of an independent payment infrastructure under the control of Russian banks to the development of barter schemes and digital financial assets (DFAs) for foreign economic activities. The implementation of these measures will reduce transaction costs and enhance the predictability of foreign trade operations for businesses, Alexander Murychev concluded.
Photos: RUIE.
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