In August 2023, the leaders of the BRICS nations-Brazil, Russia, India, China, and South Africa-convened in Johannesburg with a grand ambition: to recalibrate the global financial system. A key focus was their joint call to reduce reliance on the US dollar and forge a more multipolar world economy. This goal, long whispered in the corridors of emerging power centers, was once again amplified against a backdrop of global polarization, rising geopolitical tensions, and increasing dissatisfaction with Western-dominated institutions. Yet, beneath the surface of rhetoric and declarations lies a sobering reality: BRICS is still far from possessing the cohesion, infrastructure, and institutional maturity necessary to reshape the global financial order.

At the heart of BRICS’ ambition is a growing recognition that the US dollar’s preeminence creates structural vulnerabilities for countries outside the Western sphere. The 2008 global financial crisis laid bare the systemic risks of a dollar-centric financial architecture, while more recent developments-particularly the sweeping sanctions against Russia in 2022-offered a stark reminder that the global monetary system can be weaponized. The freezing of Russia’s central bank reserves and exclusion from the SWIFT financial messaging system sent shockwaves through other BRICS capitals. It became clear: in a dollar-based world, monetary sovereignty can be overridden by geopolitical decisions made in Washington.

However, while fear may catalyze change, it does not automatically confer capability. To challenge the dollar’s dominance, BRICS must build a parallel system that is not only technically efficient but also institutionally credible. That requires interoperable financial infrastructure, deep capital markets, transparent governance, and most importantly, mutual trust-qualities that the bloc currently lacks in abundance.

Each BRICS nation has begun taking tentative steps toward financial independence. China has expanded its Cross-Border Interbank Payment System (CIPS),........

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