Russia’s top finance official is doubling down on digital financial assets as a cornerstone of future BRICS trade. Speaking to reporters in Moscow, Finance Minister Anton Siluanov emphasized the need for innovative financial infrastructure to shield member states from third-party influence in international trade.
“We are considering our various financial innovations on the BRICS floor,”
Siluanov said, “including the cross-border payment system that can be based, further to bilateral settlements, on national currencies with consideration of digital technologies and digital financial assets.”
Siluanov said the development of these systems is critical to strengthening trade and economic ties among BRICS countries.
“The buildup of the financial infrastructure is very important for the development of trade and economies of our countries,”
– he stated.
BRICS Explores Independent Payment Systems
Digital financial assets—ranging from cryptocurrencies to tokenized metals—are gaining traction within BRICS, the bloc comprising Russia, China, India, and other emerging economies. According to Siluanov, these tools are not just speculative investments but key components of a broader financial strategy. He referred to digital assets as “part of the arsenal” that will drive the future of BRICS trade.
This push aligns with Russia’s legal shift toward embracing digital financial assets for international transactions. President Vladimir Putin signed legislation last year allowing their use in cross-border payments. Domestic use of such assets remains prohibited.
During the October BRICS summit in Kazan, Siluanov outlined plans for a payment system “planned on new formats, and approaches, taking into account the use of digital financial assets.” He called the initiative a “new system design,” marking a clear departure from Western-controlled platforms like SWIFT.
Parliament Signals Growing Institutional Support
In a separate statement this month, Anatoly Aksakov, Chairman of the Russian State Duma Committee on the Financial Market, echoed the minister’s sentiment. “It’s quite possible that this will be a serious channel to replace fiat currencies in international transactions,” Aksakov said, referring to the role of digital financial assets.
As BRICS nations explore alternatives to dollar-dominated trade mechanisms, Russia is positioning itself as a key driver in the transition. The country’s financial leadership is framing digital assets not merely as technological tools but as instruments of economic sovereignty.
Siluanov’s remarks reinforce the bloc’s direction. “We are considering our various financial innovations on the BRICS floor,” he repeated, indicating a sustained focus on independence through digitized financial systems.
