Russian Deputy Foreign Minister Sergey Ryabkov has expressed interest in extending the BRICS cross-border payment initiative into South America. While an exact recent quote is unavailable, the overall context from various BRICS reports and interviews supports the validity of this strategic goal.

Ryabkov is the key official focused on bilateral ties with the Americas and Russia’s participation in BRICS. He has repeatedly asserted that interest in BRICS is gaining momentum among Global South nations, including those in Latin America, and that BRICS aims to be a network for regional processes in Asia, Africa, and Latin America.

BRICS Cross-Border Payment Initiative on the Roll

The BRICS Cross-Border Payments Initiative remains a high priority. This includes developing a payment system (frequently referred to as “BRICS Pay” in discussions) capable of offering an alternative to SWIFT and facilitating transactions in national currencies.

Recent BRICS Finance Ministers’ meetings (e.g., those held in 2024 and early 2025) recognized ongoing work by the BRICS Payment Task Force. This work focuses on technical reports aimed at improving interoperability between the national payment systems of member states, such as Brazil’s Pix, India’s UPI, and Russia’s SPFS.

BRICS 2030 Economic Partnership Strategy

The “BRICS economic partnership strategy up to 2030” is being finalized. BRICS trade ministers have approved updating this strategy with top priorities like simplifying trade and investment through efficient payment systems.

A primary motivating factor is the goal of creating an alternative, sanctions-proof financial system. Russian officials, including Ryabkov, have emphasized developing mechanisms free from “Western regulatory pressure” and increasing the use of local currencies to “move away from using Western currencies (such as dollars and euros).”

The full introduction and widespread acceptance of a unified BRICS cross-border payment system (BRICS Pay) is a multi-year, step-by-step process, not a defined date.

• Current Focus: The most immediate progress is increasing the use of local currencies for BRICS bilateral trade.
• Next Step: The key technical challenge is achieving interoperability by connecting the existing national payment systems of member states (like Pix or SPFS). Negotiations are underway to establish technical options for this connection.

Some ambitious, unofficial forecasts suggest that “BRICS Pay” or the integrated system could be operational in over 100 countries by 2030, with national BRICS currencies potentially controlling 25% of global commerce at that point.

The system targets all BRICS members, as well as other interested countries across South America and the Global South. However, uptake will vary based on individual country policy and the integration of each nation’s financial infrastructure. The process is evolving through consensus among member states, with technical and political impediments yet to be overcome.