Intra-BRICS trade settled in local currencies

India's RBI led technical coordination for BRICS Pay — a blockchain-based cross-border payment and messaging system supporting settlement in 23 currencies including the rupee, yuan, ruble, real, and dirham. BRICS Pay was formally launched at the New Delhi Summit (Sep 2026), linking 75 countries. Intra-BRICS local currency trade share surged from ~20% before 2022 to 67%+ in early 2026 — driven by the Russia-West financial sanctions forcing rapid de-dollarisation within the bloc. The 2026 New Delhi Declaration backed interoperability of payment and messaging systems and faster cross-border settlements. India opposed a single BRICS currency (backed by China/Russia), preferring bilateral local-currency settlement — the final framework reflects India's position.