Report published September 25, 2026
De-Weaponizing the Dollar: BRICS, SWIFT Alternatives, and the Future of Cross-Border Payments
GlobalData TS Lombard · September 25, 2026
The weaponization of the US dollar has catalyzed BRICS efforts toward dollar diversification and sanctions resilience rather than an outright dethroning of the dollar. Led by China and supported by fast payment networks such as India's UPI and Brazil's Pix, emerging market economies are constructing alternative cross-border rails that will dilute Washington's economic coercion toolkit by 2027–28.
Read the remaining 4 pages
Finvaulta summarizes GlobalData TS Lombard's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.BRICS priorities center on dollar diversification and sanctions resilience rather than replacing the US dollar as the primary global reserve currency.
- 2.Emerging cross-border payment rails (e.g., CIPS, UPI, Pix, Project Nexus) will defang SWIFT and bypass US sanctions chokepoints by 2027–28.
- 3.China is driving parallel financial infrastructure and building an RMB buffer zone, but structural vulnerabilities and capital controls limit full systemic financial autonomy.
Table of Contents
- Neutralizing the dollar weapon: Progress report
- Three key takeaways
- Don't count out the US
- Brazil: End of dollar hegemony? Rhetoric vs reality
- Russia: Live laboratory lessons
- State of play
- Sanctions history – dollar highlight
- 1. SWIFT alternative
- 2. Stealth correspondent banking
- 3. Ruble stablecoin
- CBDC solution – or mirage?
- India: Oil import needs drive diversification
- China: From defanging to dethroning the dollar
Report data
BRICS Strategic Autonomy Index: Settlement Autonomy vs Connectivity & Interoperability
| Metric | Estimate | Context |
|---|---|---|
| RMB Invoicing Share of Brazilian Imports | 1.36% | RMB invoicing accounted for a minor fraction of Brazil's imports in 2025. |
| USD Invoicing Share of Brazilian Exports | 95.0% | The dollar accounted for more than 95% of Brazilian export invoicing. |
| Indian Imports Settled in Rupees | 2.5% | Overall usage remains thin, concentrated mostly in the Russian oil corridor. |
| Indian Imports Settled in Rupees (Iran War Squeeze) | 7.0% | Share jumped during the Iran War shock as India expanded Russian oil purchases. |
| Bilateral India-Russia Trade in Rupee-Ruble | 96.0% | Local currency settlement dominates trade flows between Russia and India. |
Access the full report
And others from the leading tier 1 banks.
Free account: read previews and a daily allowance of full reports. Pro removes the daily limit.