Creating a New Payment Instrument for BRICS Countries as an Alternative to Petrodollars

This research work is dedicated to the comprehensive analysis of the potential impact of the creation of a new payment instrument by the BRICS countries on international trade, the economy, and the relations between the countries of this bloc. The research aims to identify possible changes in the structure of global trade, to investigate its impact on the interaction   with tax, customs, and other barriers, and to determine potential benefits for the participating countries of this initiative. The research methodology is based on a comprehensive analysis of both theoretical and practical aspects of the relationship between international trade and currency mechanisms. The methods employed in writing this research work include extensive analysis of statistical data, examples from contemporary economic practice, as well as scientific, historical, and news publications from various time periods. The results and conclusions drawn by the researchers indicate that the creation of a new payment instrument by the BRICS countries may lead to significant shifts in the structure of international trade, facilitated by a reduction in dependence on the US dollar and encouragement of the use of alternative currency mechanisms. Furthermore, it is concluded that the development and implementation of a new payment instrument could have a positive impact on streamlining trade operations by improving interaction with customs barriers, thereby enhancing the efficiency of international trade and reducing costs associated with cross-border transactions. The research findings have a broad scope of application, encompassing international trade, foreign economic relations, geopolitics, financial market policies, and strategic economic development planning. The authors’ conclusions underscore the importance of creating fundamentally new currency settlement mechanisms to establish infrastructure for ensuring sustainable and equitable global economic development, as well as to enhance the competitiveness of participating countries and their integration into global economic processes.

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