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Deputy Chairman of the Board of the Financial and Business Association of Euro-Asian Cooperation and President of Soltex Group Manish Kumar described this milestone as the logical outcome of years of dedicated effort, confirming that BRICS nations are steadily advancing toward financial independence. According to him, BRICS is an association of like-minded nations that operates without a formal charter or rigid legal frameworks. It is precisely this flexibility that enables member states to build adaptable cooperation in pursuit of a shared goal: fostering a multipolar world and establishing an alternative financial architecture.
Kumar emphasized that BRICS does not seek to boycott the US dollar or the euro. Rather, the focus is on establishing parallel settlement mechanisms to reduce reliance on currencies used as instruments of trade wars and political pressure. "When the dollar and the euro are wielded against other nations, including BRICS members, as an illegal practice to obstruct trade transactions or as a tool of coercion, neutral countries simply cannot condone this," he noted.
Kumar also pointed out that these mechanisms are already fully operational: nearly 90% of payments between Russia and India are now settled in national currencies—the ruble and the rupee. Over 20 Russian banks maintain correspondent accounts in India. While the first two years presented certain legislative challenges, the system now operates smoothly and reliably. The next step, according to Kumar, is the elimination of tariff barriers among BRICS nations, which will significantly boost trade turnover and make bilateral and multilateral cooperation even more effective.
8 September, 2026
Manish Kumar: 90% of Russia’s Settlements with BRICS Nations in National Currencies Marks the Bloc’s Maturity
At a briefing for Indian media ahead of the BRICS Summit in New Delhi, Dmitry Peskov stated that the share of national currencies in mutual settlements between Russia and its BRICS partners has reached 90%. The Spokesman for the President of Russia emphasized the significance of achieving such a high proportion of national currencies in cross-border transactions.
Deputy Chairman of the Board of the Financial and Business Association of Euro-Asian Cooperation and President of Soltex Group Manish Kumar described this milestone as the logical outcome of years of dedicated effort, confirming that BRICS nations are steadily advancing toward financial independence. According to him, BRICS is an association of like-minded nations that operates without a formal charter or rigid legal frameworks. It is precisely this flexibility that enables member states to build adaptable cooperation in pursuit of a shared goal: fostering a multipolar world and establishing an alternative financial architecture.Kumar emphasized that BRICS does not seek to boycott the US dollar or the euro. Rather, the focus is on establishing parallel settlement mechanisms to reduce reliance on currencies used as instruments of trade wars and political pressure. "When the dollar and the euro are wielded against other nations, including BRICS members, as an illegal practice to obstruct trade transactions or as a tool of coercion, neutral countries simply cannot condone this," he noted.
Kumar also pointed out that these mechanisms are already fully operational: nearly 90% of payments between Russia and India are now settled in national currencies—the ruble and the rupee. Over 20 Russian banks maintain correspondent accounts in India. While the first two years presented certain legislative challenges, the system now operates smoothly and reliably. The next step, according to Kumar, is the elimination of tariff barriers among BRICS nations, which will significantly boost trade turnover and make bilateral and multilateral cooperation even more effective.
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