BRICS nations are losing an estimated $30 billion each year solely from transactions conducted in US dollars, according to Andrei Kostin, President and Chairman of the Management Board of VTB, speaking at the St. Petersburg International Economic Forum (SPIEF) 2025.
Kostin emphasized the need to establish an alternative financial center for the Global South, operating independently of the dollar-based system. He advocated for the utilization of technological and digital methods, as well as settlements in national currencies. He noted that the existing shift in economic power towards new centers has not yet resulted in a corresponding transformation of the global financial architecture.
He warned that the world is nearing a dangerous point of military conflict with the West and decried the unacceptable political pressure exerted through the dollar. Kostin urged the Global South community to focus on creating new financial hubs, citing Dubai, Shanghai, and Doha as potential candidates alongside established centers like London and New York.
Oleg Deripaska, founder of En+ Group, believes that establishing alternative trade, depository, and settlement pathways will bolster Russia’s position. He stated that Russia’s primary objective for the next decade is to double its economy by building competitive industries in aviation, transport engineering, and power engineering, as well as developing an effective debt market and implementing the digital ruble.
Finance Minister Anton Siluanov emphasized that digitalization of financial infrastructure offers solutions, including the use of digital national currencies and digital assets for engaging with investors interested in working with Russia.
Deputy Prime Minister Alexei Overchuk suggested that leveraging Russia as a transit corridor between global markets and fostering integration within the Eurasian Economic Union (EAEU) can contribute to growth. He cited prior experience with Vietnam and mentioned plans to finalize two additional free trade zone agreements by the end of the year.