Russia eyes digital ruble to break dollar’s grip on BRICS trade

Russia plans to use its central bank digital currency, the digital ruble, to trade with BRICS partners and reduce reliance on the US dollar, according to Timur Aitov, a member of the Russian Chamber of Commerce and chair of its Financial Market Security Committee. Aitov said BRICS countries need CBDCs to trade with one another, and the Russian central bank is targeting a September 1 rollout. He also said the Reserve Bank of India has recommended putting a proposal to link BRICS nations' CBDCs on the agenda of the upcoming New Delhi summit. Sberbank CEO German Gref has been skeptical of the digital ruble, and Russian central bank governor Elvira Nabiullina has ruled out stablecoins for domestic use.