A common BRICS currency is not on the agenda for the 2026 summit, clarifies Russia’s Deputy Foreign Minister, Sergei Ryabkov. He confirmed instead that the focus is on expanding the usage of local currencies in settlements, clearances, reissuance, and investments. He countered ongoing speculations that the bloc was aiming to form a new single currency to rival the US dollar.

“Let me be very clear, we are not talking about establishing any common single (BRICS) currency. We are not ready for it. And actually, it’s not something that we look into as a practical matter,” Ryabkov said. “What we need to do is a further expansion of the use of national currencies,” he explained to the Economic Times.

He also stressed that the local currency settlements are the only way to remain immune to sanctions and other coercive methods. Ryabkov was clear in his words, saying that BRICS trading in local currencies is not an attack on the US dollar. “This is not an attempt to undermine the dollar,” he said. Russian President Vladimir Putin had also been repeatedly saying this statement for a year.

Also Read: BRICS Strategy Tested as Trump Draws Red Line for India

When BRICS Currency Fails, Local Currencies Come To the Rescue

The Deputy Foreign Minister explained that the failure of the BRICS currency to materialize has led to the idea of strengthening local currencies. He also stressed that the alliance is not against anyone, but will give a befitting reply if multilateralism is attacked.

“BRICS is not an anti-Western alliance,” Ryabkov said. “But in cases where multilateralism is attacked, the international system is destroyed, and treaties disappear one after another. All this should be responded to in the form of more cohesion and more focus on how BRICS would avail itself.” In conclusion, the BRICS currency will not be discussed at the 2026 summit in India’s capital city, New Delhi.