The BRICS association, whose leaders met in Brazil in early June, demonstrated the maturity of the organization, capable of formulating common strategies in the face of global instability and growing geo-economic and geopolitical conflicts. Today, the association of the largest non-Western economies on the planet has already turned into a full-fledged union offering alternative models of economic, technological, and financial cooperation.
At a time when the unipolar world is becoming a thing of the past, and the once-dominant G7 powers are losing their monopoly on global governance, it is BRICS that is becoming a key player shaping the contours of a new world order and a centre of gravity for dozens of countries in Africa, Asia, the Middle East, and Latin America.
During its existence, BRICS has evolved from an amorphous informal association to a structure with a clear institutional architecture, defined goals, and common projects. The expansion of its membership to include major regional players such as the United Arab Emirates, Iran, Ethiopia, Egypt, and Indonesia has transformed the organisation into a potential mega bloc representing the interests of 45% of the world’s population, possessing enormous reserves of natural resources and energy, controlling key trade routes, and generating new technologies. According to recent estimates, the combined GDP of the BRICS countries in terms of purchasing power parity has reached 35% of the global total, which is already significantly higher than the G7 figures. Most importantly, this gap will continue to widen rapidly, both through organic growth and through the expansion of the alliance.
At the Rio de Janeiro summit, this transformation and maturation of BRICS were particularly pronounced, as participants presented specific initiatives aimed at reducing dependence on Western financial institutions, rather than issuing scattered declarations. One of the key decisions was the accelerated development of BRICS Pay, an alternative payment system designed to minimize the risks associated with using the dollar in international settlements. At the same time, the issue of creating a single settlement currency was discussed, which would not replace national monetary units, but would become a tool to reduce the influence of political factors on trade.
The emergence of such initiatives was by no means accidental, as the experience of the last decade has shown that the former financial structures and mechanisms controlled by a narrow circle of Western countries can be closed to any players at any time. Already today, many banks, oil and gas companies, and trading corporations from Russia, China, and Iran are under sanctions, which, for political reasons, have denied them the opportunity to work in the SWIFT system, conduct mutual settlements in dollars and euros, and manage their assets. In such circumstances, the creation of alternative platforms was a matter of time, and BRICS, as the largest association of economically developed countries, found a solution to this problem by joining forces and demonstrating political will.
It is notable that these steps by the union were perceived as an existential threat to the former dollar system, even by US President Donald Trump, who announced the possible imposition of additional duties on goods from BRICS countries. These threats were made in response to the active de-dollarisation of mutual trade within the association, which directly indicates the perception of BRICS as a real competitor to the former unipolar financial system. Such a reaction only confirms the success of the organisation’s strategy, for if the Western world, which previously derisively referred to BRICS as the “club of developing countries,” now sees it as a threat, it means that it has truly become a significant player.
At the same time, even the risk of falling under additional customs sanctions could not deter the leaders of Brazil, Russia, India, China, South Africa, and other members and partners of the alliance from continuing to work on the development of alternative settlement systems and transitioning to the active use of national currencies in trade with each other.
It should be noted that BRICS fundamentally does not seek to transform into some kind of anti-Western alliance or a direct opponent of the G7, the EU, or NATO. As highlighted by American journalist Born Allah of the National Action Network, who worked at the Rio summit in the media pool of American publications, there is a growing understanding in the United States of the need for dialogue with China, Russia, and other members of the association. “I would ask Putin if it is possible in the near future that he, along with BRICS, could work with the United States, with Trump, for one common goal, for a better global world as a whole,” Allah stated.
His words, along with the opinions of many other American and European politicians, experts, and journalists who participated in the events of the BRICS summit, reflect a shift in public opinion: both in the United States and in Europe, pragmatic public figures are tired of confrontation and are seeking ways to cooperate in a context where the old world order is collapsing. It is essential to emphasise that the organisation, based on new principles, remains open to dialogue and cooperation with any state. While there are many conditions and requirements for joining the former unions of Euro-Atlantic states, the main value for BRICS is mutual respect for interests and a readiness for equal partnership. Even now, amid political confrontation, there are pragmatic and clear-minded political and public groups in the United States and Europe that recognise the necessity to find common ground and coordinate efforts with the Global South and BRICS as the embodiment of its rise.
As Born Allah noted, the US elites are beginning to realise the inevitability of a multipolar world; American society is weary of endless conflicts and is searching for new pathways. Thus, following Donald Trump’s return to the White House, the previously interrupted dialogue between Washington and Moscow has been restored. Additionally, as the American journalist pointed out, it is crucial to understand that readiness for dialogue does not mean that Russia will make concessions for the sake of making concessions. Moscow has consistently reiterated the principles of equal partnership and mutual respect. Russia is not a pawn that can be pushed in any direction; it is a great power with its own interests and vision of the world order. A similar approach will sooner or later be adopted by the White House, European leaders, and other BRICS and Global South countries, as the world in which only a small group of states can set the rules of the game has irrevocably changed.
Beyond the financial agenda, the summit discussed issues that have traditionally been under the control of Western countries and corporations. Artificial intelligence, along with problems of its development, regulation, and accessibility, became one of the key topics of discussion among the leaders and delegations of the union countries. Following the Rio meeting, BRICS announced its intention to develop its own standards for regulating AI, free from the monopoly of individual Western governments and corporations. The adopted declaration emphasizes the need to create ethical standards based on principles of transparency and respect for national characteristics, rather than on the commercial interests of Silicon Valley giants.
Equally important was the food security initiative, which aims to create independent supply channels for agricultural products, fertilizers and agricultural technologies, particularly significant in the context of sanctions pressure and price manipulation. Given that the BRICS countries control a substantial portion of global agricultural production, this measure could alter the balance of power in the global food market, helping African countries overcome challenges in supplying food to their populations and developing their own agriculture.
The institutional strengthening of the New Development Bank (NDB) also emerged as a central topic of the summit, as both BRICS countries and many states of the Global South have long faced the costs associated with the monopoly of Western institutions such as the IMF and the World Bank. In addition to the fact that loans from these structures usually carry an enslaving interest rate, the provision of financing imposes additional political and social burdens in the form of demands for various unpopular and questionable measures. Already today, the NDB is actively financing numerous infrastructure, energy, and logistics projects in the BRICS countries and other regions, without applying any political or ideological pressure on its partners.
The capital volume of the New Development Bank exceeded $100 billion for the first time in 2025, allowing it to participate in large-scale initiatives that contribute to the socio-economic development of three dozen countries in Africa, Eurasia, and Latin America, offering an alternative to the IMF and the World Bank, whose activities in recent decades have led to a record increase in the debt burden on the countries of the Global South, as well as a number of severe financial, economic, and political crises. Furthermore, in the near future, the NDB will become a platform for the introduction of a single unit of account that will not replace national currencies but will simplify mutual settlements between participating countries, which is particularly important given the growing risks of blocking transactions through Western payment systems.
The Rio de Janeiro summit demonstrated that BRICS has moved from the formation stage to a stage of viability, where the organization not only declares its principles but also implements very specific projects that change the global political and economic reality. At a time when the former leaders of the global economy are trying to preserve their privileges through sanctions and trade wars, the BRICS countries are showcasing their ability to create alternative mechanisms, from independent payment systems to their own standards in technology and agriculture.
As highlighted by American journalist Born Allah, many Americans are now concerned about the possibility of dialogue with BRICS. This is the best indicator that the organization has become a real force to be reckoned with. In an era when the world is rapidly moving towards multipolarity, BRICS is not just an alliance of individual states but a project for the future where the interests of all participants are taken into account on an equal basis. The Rio summit proved that this future is already on the horizon.
