BRICS finance ministers are moving ahead with talks on a new payment system aimed at lowering reliance on the US dollar, according to Reuters. The discussions took place during a virtual summit and reflect a broader effort by the bloc to expand financial channels outside the existing dollar-based system.

The proposal comes as members of the group look for ways to make cross-border transactions easier and less exposed to dollar-linked costs and sanctions risk. While details remain limited, the initiative signals that BRICS governments want to deepen economic coordination at a time of shifting global trade and finance.

Any such system would face major technical and political hurdles, including agreement on settlement rules, currency conversion and trust among member states with different economic priorities. Even so, the talks show that the question of dollar dominance remains central to BRICS economic planning.

The move is likely to draw close attention from Washington and global markets, where officials and investors are watching whether the bloc can turn political messaging into a workable alternative for international payments.