Rousseff, president of the New Development Bank (NDB), has said the BRICS lender has found a route to resume operations involving Russia, which were suspended after Moscow’s 2022 invasion of Ukraine. She described Russia’s position at the bank as a “profound injustice” and said a solution could correct it.¹

The proposed route appears to centre on financing and fundraising in member states’ currencies, including the yuan and ruble, rather than routing every transaction through dollars. Russian Finance Minister Anton Siluanov said Moscow and the NDB had reached “mutually acceptable solutions” intended to “minimize” risks in their financial relationship, though neither side disclosed the mechanism.¹

Supporters present the shift as part of a broader effort to diversify the bank’s funding and lending. Under Rousseff, nearly 46% of NDB financing approved in 2025 was in member-country currencies, according to one account. The bank’s next strategic cycle, running from 2027 to 2031, is expected to target 40% to 50% of financing in those currencies.¹

The same structure is viewed more critically by those who argue that reducing reliance on dollar-clearing channels could also make it easier for Russia to keep projects funded despite Western restrictions. The concern is not that local-currency lending automatically removes sanctions exposure, but that it can lessen dependence on financial infrastructure where the United States and its allies have greater leverage.²

That creates a trade-off for the NDB. Although it seeks greater autonomy, it still raises money in international markets, including through bond programmes associated with London and Dubai, and has relied on dollar issuance. Its Russian links previously contributed to ratings pressure after the 2022 suspension of new operations in the country.¹

Rousseff’s backers therefore frame the plan as prudent financial diversification; sceptics see a possible collision between the bank’s BRICS mandate and its continuing need for global investors. The debate may broaden further as the NDB also discusses closer financial cooperation with Iran, another country seeking alternatives to dollar-centred channels.²