Before the BRICS 2026 summit in New Delhi, India had washed its hands clean of the de-dollarization agenda. High-ranking officials repeatedly made statements saying that India will trade in the US dollar and not abandon the currency. Other members had to toe the line and accept that the summit would not go against the West.

However, things could change next year as China will host the BRICS summit in 2027, and the Xi Jinping administration could come up with several de-dollarization initiatives for the bloc. Sergey Ryabkov, Russian Deputy Foreign Minister, said in a press conference that Russia will accept whatever priorities China places on the table at the 19th summit.

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De-Dollarization Can Take a New Turn at the BRICS 2027 Summit in China

China US treasuries
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Russia has been a staunch ally of China, as the country has been with it through thick and thin. From helping it to trade in local currencies to accepting the ruble and procuring oil, China has kept the Russian economy afloat since the US imposed sanctions in February 2022. Therefore, if China initiates a de-dollarization roadmap at the next BRICS summit, Russia will be the first to back it.

“BRICS is not just about continuity; it always bears the significant imprint of the chairmanships that succeed one another,” he added. Sergey revealed that China is making an effort to create an “intra-BRICS environment” conducive to the barrier-free movement of technologies and capital. He also stressed that China could find modern breakthroughs in AI technologies and uplift the alliance as a whole.

“I would venture to suggest that modern breakthrough technologies, with artificial intelligence at their core, supply chains, the modern payment and financial system, and logistics issues in the economic sphere, will be the focus of the Chinese presidency in the coming year. They need to make their position on this topic clear. We will support these priorities. And we share this approach in the economic, innovation, and technology areas of BRICS work,” he said.

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