The BRICS summit adopted the New Delhi Declaration, promoting a de-dollarization payment framework

The 18th BRICS Summit adopted the "New Delhi Declaration," supporting a payment framework that bypasses the Western financial system. The declaration commits to expanding trade and investment settled in member countries' local currencies, connecting national payment systems, and studying cross-border interoperability.

BRICS Pay, as a decentralized payment framework, integrates India's UPI and Russia's SPFS into a shared layer to settle payments between member countries.