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Brics Summit Faces Deep Divisions Despite Digital Currency Push

By Markets Desk · 2026-09-12 · 1 min read
A cluster of modern skyscrapers in a city skyline at dusk
Illustration: Tradingbird

Brics leaders convene in New Delhi amid their widest internal splits on geopolitical and trade policy, even as India champions a linked digital currency system.

Brics members account for 46% of global oil exports. The bloc represents roughly 25% of global nominal GDP. These figures highlight the group’s economic weight. However, internal unity remains fragile.

Leaders meet in New Delhi on 12 and 13 September. Divisions persist over Ukraine, the Middle East, and US tariffs. India pushes for linked central bank digital currencies. This is the second time India has proposed this framework.

Geopolitical splits widen within the bloc

Egypt and Indonesia backed a UN resolution demanding Russian withdrawal from Ukraine. Other members abstained or voted against it. The UAE severed all trade and financial ties with Iran. This followed drone attacks on UAE territorial waters.

The bloc condemned US airstrikes on Iran. No unified statement addressed the broader US-Israel conflict. US President Donald Trump has dismissed Brics as fading. He threatened additional tariffs on countries pursuing de-dollarization.

Digital currency proposals gain traction

India urges Brics central banks to link digital currencies. Brazil separately advocates for a unified currency. The goal is to challenge US dollar dominance. The New Development Bank has deployed USD 42.9 billion in financing. It supports 139 projects in developing nations.

The group established a USD 100 billion emergency reserve fund in 2015. This fund acts as a financial safety net. Energy cooperation remains a key area of coordination. Firms within member nations align without a joint energy policy.

Market reaction reflects regional tensions

Asian markets fell amid a global selloff. South Korea’s Kospi dropped 2.8%. Japan’s Nikkei declined 2.6%. Brent crude rose 0.8% to USD 108.53. The VIX volatility index increased 8.4% to 17.84.

The ADX rose 0.1% with turnover of AED 1.2 billion. Apex Investment gained 5.1%. Sharjah Cement and Industrial Development Co. fell 4.7%. Gold traded at USD 4,372.50. These figures were reported by GN markets/fx (en-US).

Based on reporting by EnterpriseAM, compiled by the Tradingbird desk.

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