85Received 19.05.2025. Revised 10.06.2025. Accepted 30.06.2025.
Acknowledgements. The study was prepared with the support of a grant from the Ministry of Science and Higher Education of the Russian Federation for major scientific projects in priority areas of scientific and technological development no. 075-15-2024-551 “Global and regional centers of power in the emerging world order”.
Abstract. In the current geoeconomic situation BRICS countries financial cooperation has become very significant. The article reviews the strategic goals of such cooperation, mechanisms of interaction, practical results and existing obstacles and challenges. BRICS countries financial cooperation is considered as a set of measures at multilateral and bilateral levels. The aim of these measures is to provide financial resources for sustainable development, including economic, environmental and social aspects; to reform international monetary and financial system in order to increase the role of Global South countries, including the creation of an independent financial infrastructure; to stimulate the use of new financial technologies and instruments; to support financial stability and to ensure financial security and sovereignty. Authors’ analysis discovered that the number of financial track initiatives has increased for the recent years, however in many cases they still remain at the discussion level and the exchange of best practices. BRICS Crossborder Ðayments Initiative (BCPI) aimed to establish payment system on the basis of central bank digital currencies, which was put forward in 2024 by Russia during its chairmanship in BRICS, was approved by the summit participants. However, the implementation of this Initiative is on a voluntary basis. Taking into account the different level of interest in its realization by BRICS countries and different level of their financial systems development, we can conclude that it will be difficult and time-consuming process. All this allows us to presume that the discussion will continue in 2025 and later. The practice of using national currencies in settlements between BRICS countries is expanding, but it also suffers certain difficulties. The share of the US dollar, although decreasing, still remains significant. And this is caused by the fact that the US dollar continues to be a liquid and comfortable means of payment, based on the highly developed American financial market. The research shows that the interbank cooperation has a number of positive practical results, particularly the increase of lending to member countries. It became possible with the assistance of New Development Bank (NDB). Credit transactions are predominantly bilateral, where one of the parties is either the NDB or China. BRICS countries face a number of challenges caused by existing differences and disagreements on a number of questions concerning financial cooperation. In this situation, the biggest results can be achieved in areas related to consensus goals, i.e. cooperation in sustainable financing, including climate finance, the development of new financial technologies, and ensuring cyber-security in the financial sector. To overcome the existing challenges and make a step to an effectively operating trans-regional organization, the BRICS countries need to demonstrate a willingness to reach a compromise in implementation of mutually beneficial solutions. This could help to provide further rise of BRICS countries’ role in the transformation of the international monetary and financial system.
Keywords: BRICS, financial cooperation, independent monetary and financial system, interbank cooperation, New Development Bank
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