BRICS+ — Architecture of Illusions or a New Contour of the Global Economy? | SforNews

BRICS+ — THE ARCHITECTURE OF ILLUSIONS OR A NEW CONTOUR OF THE GLOBAL ECONOMY?

Diagnosis of the old model and place in the new energy-digital system

INTRODUCTION: BRIEF DIAGNOSIS

BRICS+ is the main contender for the role of architect of a new multipolar reality. The bloc’s share of global GDP at purchasing power parity has reached 40%, while the G7’s share is less than 29%, and the gap continues to widen [1]. By 2026, the average economic growth of BRICS countries is forecast at 3.7%, significantly outpacing the G7 average of 1.1% [1].

The paradox of BRICS+: the bloc is simultaneously the fastest-growing economic association in the world and the most contradictory. China dominates high-tech exports within the bloc (over 70%), reproducing the model of technological subordination [2]. Europe is becoming an eternal importer of bitcoin. The US is losing control over global liquidity but retains military and technological dominance. Russia possesses a unique resource — the cheapest energy in the world — but has no strategy for its monetization.

BRICS+ is not a monolithic system. It is a conglomerate of contradictions, where China is building parallel infrastructure (e-CNY + mBridge + gold), India is actively promoting the idea of interconnected central bank digital currencies (CBDCs) [1], Russia is trying to monetize energy through mining but without a systemic strategy, and new members — the UAE and Saudi Arabia — bring unprecedented control over global energy capital to the bloc [1].

The question is not whether the transition to multipolarity will happen. The question is who will be its architect — and whether BRICS+ can offer a real alternative rather than another illusion.

SECTION 1. THE OLD MODEL: WHAT WAS, WHAT BROKE

The world order of the last 80 years rested on three pillars:

This model no longer works.

The dollar is losing its “riskfree asset” status. Reserve managers increasingly view the dollar as a risky asset [2]. China has been buying gold for 20 consecutive months, the yuan’s share in global reserves is growing, and BRICS+ countries have increased their gold reserves to more than 6,000 tons — 17.4% of global official central bank reserves, compared to 11.2% in 2019 [4]. In the first nine months of 2025 alone, BRICS+ states added approximately 663 tons of gold (about $91 billion) to their reserves [4].

SWIFT is no longer neutral. The disconnection of Russian banks from SWIFT in 2022 showed that a system meant to be a technical protocol had become a weapon. This undermined trust in it as a neutral financial infrastructure [1].

Technological dependence persists, changing only its label. As studies have shown, BRICS reproduces the same model of technological subordination that Russia tried to escape by breaking ties with the West. The difference is that the center of dependence has shifted from West to East [2].

The map (multipolarity, de-dollarization, technological sovereignty) does not yet reflect the territory (asymmetry within the bloc, lack of a unified strategy, legal vacuum).

SECTION 2. ENERGY PROFILE: WHAT EXISTS, WHAT DOESN’T

BRICS+ is not just an economic bloc — it is an energy superpower in the collective sense [1][5].

What exists	What doesn’t
Control over global oil and gas reserves (UAE, Saudi Arabia, Russia, Iran) [1]	Unified energy strategy — each country acts in its own interest
Leadership in critical minerals (rare earth metals, manganese) [1]	Coordinated energy pricing policy within the bloc
World’s largest reserves of cheap hydropower (Russia, China, Brazil)	Sufficient data center capacity for digital transformation
Recognition of sovereign right of states to choose their own energy mix [5]	Investment certainty in the “green” transition

Key fact: At the June 26, 2026 meeting, BRICS countries enshrined the priority of sustainable and technologically neutral energy development, affirming the sovereign right of states to choose their own energy mix [5]. Joint efforts are aimed at strengthening “fair and depoliticized global energy dialogue” [5].

However, behind this declaration lies a harsh reality: the energy interests of BRICS+ countries do not align. Russia and Saudi Arabia want high oil prices. China and India want low prices. The UAE is investing in renewables and nuclear, Russia relies on hydrocarbons and hydropower, while Brazil is developing biofuels. There is no unified energy front [1][5].

Result: BRICS+ has colossal energy potential but cannot coordinate it. Energy remains an instrument of competition within the bloc, not cooperation.

SECTION 3. POSITION ON MINING AND CRYPTOCURRENCIES

Here lies the main contradiction of BRICS+.

The bloc is divided into three camps:

First camp — bans and restrictions. China has officially banned mining, but its hashrateunofficially ranks third in the world. India is cautious about cryptocurrencies, although it actively promotes CBDCs. Russia is legalizing mining but introducing regional restrictions in energy-cheap regions.

Second camp — active development. The UAE and Saudi Arabia are investing in mining infrastructure, using cheap gas and associated petroleum gas. In 2024, the BRICS Mining Infrastructure Project was launched, with BitRiver and the Russian Direct Investment Fund (RDIF) partnering to develop data centers for crypto mining and AI [5].

Third camp — regulatory leadership without mining. Some observer countries create rules but do not participate themselves.

Digital currencies as a new front.

India, chairing BRICS in 2026, is actively promoting the idea of interconnected central bank digital currencies (CBDCs) [1]. This is set to be a key topic at the 2026 BRICS summit [1].

mBridge — the key to understanding China’s strategy.

This is a multilateral platform for CBDC settlements, created jointly with Hong Kong, Thailand, the UAE and Saudi Arabia [1][6].

The numbers speak for themselves:

What does this mean?

mBridge enables cross-border payments in seconds, bypassing SWIFT and intermediary banks [1]. This is not a “dollar replacement” but a parallel infrastructure that gradually erodes the dollar monopoly. At the same time, 95% of mBridge volume is in e-CNY — China remains the main beneficiary [6].

The paradox of BRICS+: the bloc promotes de-dollarization, but within it a new hierarchy is reproduced — the Chinese digital currency dominates the rest. This is not an alliance of equals, but a new form of dependence.

SECTION 4. POSITION OF CENTRAL BANKS AND FINANCIAL INSTITUTIONS

New Development Bank (NDB) — money instead of technology.

The NDB is the only BRICS institution where funds have actually been put to work. In 10 years, over 130 projects worth $42 billion have been approved [3].

Specific 2026 projects:

However, this is financing of national projects, not joint development. The NDB provides money, each country implements its own programs. There is no technology transfer. This is simply a replacement of Western lenders with Eastern ones [3].

BRICS Pay — an attempt to create an alternative to SWIFT.

The BRICS Pay system is designed to connect national payment systems and integrate central bank digital currencies [1]. However, so far it is more of a declaration than a functioning mechanism [1].

The paradox of BRICS financial institutions: they provide money but do not create technologies. They finance but do not integrate. They declare sovereignty but reproduce dependence.

SECTION 5. ARCHITECTURAL CONCLUSION: WHAT PATH IS AVAILABLE TO BRICS+

BRICS+ is the only association that simultaneously:

Unlike Europe, BRICS+ has not made an ideological mistake. It has not shut down nuclear power, has not abandoned coal, has not signed up to the West’s ESG dictate. It is building a pragmatic, multilayered system [5].

Unlike the US, BRICS+ is not trying to “save” the dollar. It is creating a parallel infrastructure that gradually erodes the dollar monopoly [1][6].

Unlike Russia, BRICS+ (represented by China) has a strategy. There is no gap between map and territory — it is building territory in accordance with the map.

But there are weaknesses:

Main conclusion:

BRICS+ will not become a “replacement” for the old system. It will become one of several systems competing for global influence. There will be the American system (dollar + Treasuries), the Chinese (e-CNY + mBridge + gold), the European (bitcoin imports), the Russian (energy exports through bitcoin) and possibly a unified BRICS+ system. The question is which system will win — or whether they will coexist, as the dollar, euro and yuan coexist today.

China is betting on parallel infrastructure [6]. India is betting on digital integration [1]. Russia is betting on energy sovereignty (still without a strategy). The UAE and Saudi Arabia are betting on control over energy capital [1][5].

BRICS+ is not the architect of the new system. It is the battlefield of architectures.

CONCLUSION: HOW BRICS+ FITS INTO THE GLOBAL TRANSITION

BRICS+ is neither a victim nor a beneficiary of the transition. BRICS+ is a laboratory where different models of the future are being tested.

China is building its own system (e-CNY + mBridge + gold) — and it is already working: $55 billion in transactions through mBridge, 95% in e-CNY [6].

India is promoting CBDC integration — and its voice is becoming decisive in 2026 as BRICS chair [1].

Russia is trying to monetize energy through mining — but without strategy or coordination with partners.

The UAE and Saudi Arabia are bringing control over energy capital to the bloc — and this control could be decisive [1][5].

Global meaning: BRICS+ shows that the new system will not be monolithic. There will be several systems, competing and coexisting. The question is not which system will win. The question is whether BRICS+ can overcome its internal contradictions and become not just an “antiWestern” club, but a real architect of a new world order.

So far, the answer is “no.” Because the bloc has no unified architectural plan. It has a set of tactical solutions that contradict each other. And this is the main difference from China, which has such a plan, and from the US, which at least tries to maintain one.

BRICS+ could become the architect of a new system. But to do so, it must stop being a “club of interests” and start building a real, coordinated architecture. So far, this is not happening.

The question is not whether BRICS+ will use bitcoin, digital currencies or gold. The question is whether it can integrate them into a single architecture faster than internal contradictions destroy the bloc from within.

LIST OF SOURCES

[1] KIEP — BRICS Expansion and its Implications to the Global Economic Order (June 2026)
[2] Herald of the Russian Academy of Sciences / ISTINA — Key trends in BRICS international trade (2025–2026)
[3] CGTN / Reuters — NDB Projects: Investment from BRICS’ bank (July 2026)
[4] EBC Financial Group — BRICS+ nations hold over 17% of world’s gold reserves (April 2026)
[5] BRICS Council / Ministry of Energy of the Russian Federation — Results of the BRICS energy meeting (June 26, 2026)
[6] CoinMarketCap / SCMP / Atlantic Council — mBridge transaction volume data (January–July 2026)

NEXT ARTICLE IN THE SERIES: “Russia — energy sovereign without strategy: ruble, sanctions, mining and people’s bitcoin.”

© 2026, Editorial board of journals “Kafedra” and SforNews.
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