Trajectory, Current Situation, and Prospects of Financial Cooperation among BRICS Countries
DOI:
https://doi.org/10.17059/ekon.reg.2025-3-10Keywords:
BRICS, financial cooperation, New Development Bank, Contingent Reserve Arrangement Pool, International Monetary and Financial System, sanction, de-dollarization, BRICS BridgeAbstract
Financial collaboration is key to advancing economic ties within the BRICS group. The article reviews academic studies from China, Russia, and other countries, tracing the main themes that have interested researchers in relation to BRICS since its beginning. The number of studies surged sharply in 2014–2015 and again after 2022, which is a trend that is closely linked to the financial sanctions imposed by the US and European countries against Russia. Scholars generally hold a positive outlook on the prospects for financial cooperation within BRICS, emphasizing that sanctions and counter-sanctions have brought to the forefront the need for deeper cooperation. The article reviews financial cooperation over the past fifteen years and highlights Russia’s financial agenda as the current chair. The BRICS Bridge initiative supports the member countries’ shared goal of building a financial system independent of the US and Europe. It represents a new and important step toward reforming the global economic and financial system. Its implementation, however, faces significant internal and external challenges. The study concludes that financial cooperation has always been important for BRICS, but as the group grows, it has become harder to reach agreement, making cooperation more difficult to carry out. In 2025, financial cooperation will remain a key focus under Brazil’s presidency, but the potential re-election of Trump and his use of trade policy tools have introduced new instability to the global economic landscape. Furthermore, Trump’s threat of “de-dollarization” among BRICS countries is expected to add further complications to financial cooperation efforts.
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