AC Project Research Group Discusses International Settlements in National Currencies within BRICS
#МАСотрудничество
On April 15, 2026, as part of the XXVI April International Academic Conference named after Evgeny Yasin, a roundtable of the International Academic Cooperation Project “Approaches to an Alternative International Monetary System” was held on the topic “Beyond the Dollar: Prospects for International Settlements in National Currencies”. The roundtable was moderated by A.V. Podrugina, Head of the Sector for Structural Problems of the World Economy.
Vipin Veetil, Associate Professor at the Indian Institute of Management Kozhikode, presented the results of his research on measuring economic dependence between countries. Using an input-output model, he assessed the vulnerability of 80 countries to potential sanctions in trade relations with other states. The findings revealed that potential sanctions from China have the most significant negative effect on all the countries considered, with the United States ranking second in terms of geopolitical influence.
Associate Professor of the School of World Economy S.A. Radionov presented a report assessing the effects of imposing customs duties using multi-country network models. The results of a simulation model of trade between one large and several small open economies demonstrated that the introduction of tariffs leads to a decline in output in all participating countries. At the same time, results from a model based on global input-output tables showed a different outcome: an increase in U.S. tariffs would potentially lead to a rise in GDP, consumption, and inflation in the United States, while causing these indicators to decline in other countries.
A.A. Ponomarenko, Leading Research Fellow at CCEIS, demonstrated a payment system project that allows developing countries to settle in national currencies without long banking chains. Instead, each country operates a single payment service with an account in local currency, which exchanges a settlement asset (or, when combined into a conglomerate, a virtual asset) with other such services. The system automatically sets exchange rates, balancing inflows and outflows. Calculations using real data from 34 countries showed that up to 70% of payments could transition voluntarily into this system — solely due to favorable exchange rates.
K. Sohag, Associate Professor at St. Petersburg State University, spoke about geopolitical risks and the adaptation of the financial architecture. He noted that despite the growing risks associated with using the dollar, empirical data present a contradictory picture: on one hand, the dollar’s share in international reserves and eurobonds is declining; on the other hand, statistics do not confirm either the dollar’s instability or a “flight” to gold. K. Sohag also outlined China’s initiatives for renminbi internationalization (CIPS, digital renminbi, specialized bonds) and emphasized that yuan-denominated financial instruments have become a “safe-haven asset” for Russia — with demand for them rising as geopolitical tensions increase. Additionally, the expert proposed a concept for a new financial system based on the tokenization of gold, where digital gold could replace the dollar in international settlements.
Professor B. De Conti from the University of Campinas (Brazil) highlighted key current trends in the international financial system: the growing role of China, the rise in geopolitical conflicts, the use of the dollar as a weapon by the United States, and the desire of many countries for dedollarization. Central bank digital currencies and cryptocurrencies (including stablecoins) were mentioned as alternatives to the dollar. According to B. De Conti, the United States will resist these initiatives, as it has an interest in preserving the dollar’s dominance.