Presentation of the Macroeconomic and Financial Situation and Debt Market Conditions Monitoring of BRICS Countries
On December 26, 2025, a seminar of the joint research group of HSE University and the University of Campinas on “Approaches to an Alternative International Monetary System” was held at the Faculty of World Economy and International Affairs. The seminar presented analytical materials prepared as part of the project: BRICS macroeconomic and financial monitoring and BRICS+ debt markets monitoring.
Project manager A.V. Podrugina and intern researcher A.P. Semenova presented the results of monitoring the economic and financial situation of BRICS countries for the 3rd quarter of 2025. There is a strengthening of financial and economic cooperation among the association's member states: for many countries, the share of trade with BRICS in total foreign trade is growing (especially for Brazil and Indonesia). Furthermore, the share of the association's national currencies in international settlements is increasing (especially the yuan), and several joint BRICS projects were launched in 2025 (the BRICS Energy Cooperation Roadmap for 2025–2030 and the BRICS Leaders Framework Declaration on Climate Finance were approved, and an agreement was reached to start consultations on creating a BRICS grain exchange).
Project participant of the “Approaches to an Alternative International Financial System” O.R. Mukhametov presented a report on the state of debt markets in BRICS+ countries. There is a colossal difference in the level of development of debt markets among BRICS countries. At the same time, many of them face difficulties in attracting domestic investors, which creates currency risks. To solve this problem, it is proposed to use the experience of the Asian Bond Markets Initiative (ABMI), launched by ASEAN+3 countries in 2002: consider creating BRICS+ bond funds, harmonizing rules, and building a unified settlement system, which will help reduce dependence on the dollar and Western financial institutions.