At the September 2026 BRICS Summit in New Delhi, India is pushing to link member nations' central bank digital currencies (CBDCs) for cross-border payments, while firmly opposing any unified BRICS currency. India seeks to improve transaction efficiency without appearing anti-dollar or provoking U.S. tariff retaliations. Concurrently, India and Russia are developing a bilateral digital currency settlement mechanism using the digital ruble and e-rupee to support their $60 billion trade relationship.
India bilateral CBDC linkage proposal
- ▪Implementing a BRICS central bank digital currency network faces technical and political hurdles, including strained financial ties between Iran and the United Arab Emirates.
- ▪The Reserve Bank of India proposed the central bank digital currency linkage to the Indian government in January 2026 for inclusion in the 2026 BRICS presidency agenda.
- ▪India is proposing that BRICS member countries link their central bank digital currencies to facilitate cross-border payments and trade settlements.
- ▪India has been reluctant to deepen financial connectivity with China, leading New Delhi to stall a proposal to link Alipay+ with India's instant payments system over national security concerns.
Opposition to unified BRICS currency
- ▪India opposes the creation of a unified BRICS currency or a single bloc-wide payment network to avoid casting the group as explicitly anti-dollar or anti-Western.
- ▪Indian Commerce and Industry Minister Piyush Goyal explicitly stated on August 7, 2026, that India does not support the introduction of a BRICS currency scheme.
- ▪U.S. President Donald Trump warned BRICS nations in January 2025 that they would face 100% tariffs if they created a common currency to replace the U.S. dollar.
India-Russia digital currency settlement talks
- ▪Sberbank Chief Executive Officer Herman Gref stated that the accumulation of excess rupees by Russian companies is no longer a major trade obstacle as funds are being invested in Indian government securities.
- ▪India and Russia have begun working on a digital currency settlement mechanism using the digital ruble and India's e-rupee to settle bilateral trade payments.
- ▪Russia launched the nationwide rollout of its digital ruble on September 1, 2026, requiring systemically important banks and large merchants to support the sovereign digital currency.
- ▪Sberbank Chief Executive Officer Herman Gref stated on September 11, 2026, that the Bank of Russia and the Reserve Bank of India are directly developing the digital currency system.
BRICS payment system alternatives
- ▪Russian Minister of Economic Development Maxim Reshetnikov announced that Russia has prepared a detailed plan to establish a unified BRICS grain exchange trading platform.
- ▪The BRICS bloc has explored alternative payment mechanisms to reduce reliance on the SWIFT network after major Russian banks were excluded following Russia's 2022 invasion of Ukraine.
Local currency trade settlement push
- ▪Indian Union Commerce Minister Piyush Goyal urged BRICS members at the BRICS Business Forum on September 11, 2026, to link their payment systems and trade in local currencies.
- ▪Approximately 96% of bilateral trade between India and Russia is conducted through established rupee-ruble mechanisms, according to Sberbank India head Ivan Nosov.
- ▪Nomura Holdings economist Sonal Varma stated that local-currency settlement helps countries preserve scarce U.S. dollar reserves for strategic imports while enabling routine trade financing.
Debatable claims
- ▪BRICS should introduce a common currency
- ▪BRICS should establish a unified bloc-wide payment network
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