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DOI: 10.15862/02FAOR125 (https://doi.org/10.15862/02FAOR125)

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Mikhaelyan I.E. BRICS as an institutional alternative to the western-centric model of the international economic order: analysis of the potential of the multipolar architecture of global governance through the prism of creating parallel financial institutions and mechanisms of trade and economic cooperation. Russian journal of resources, conservation and recycling. 2025; 12(s1). Available at: https://resources.today/PDF/02FAOR125.pdf (in Russian). DOI: 10.15862/02FAOR125

BRICS as an institutional alternative to the western-centric model of the international economic order: analysis of the potential of the multipolar architecture of global governance through the prism of creating parallel financial institutions and mechanisms of trade and economic cooperation

Mikhaelyan Izabella Ernestovna
Financial University under the Government of the Russian Federation, Moscow, Russia
E-mail: bella070703@yandex.ru

Academic adviser: Kapustina Nadezhda Valerievna
Financial University under the Government of the Russian Federation, Moscow, Russia
E-mail: NVKapustina@fa.ru

Abstract. Modern geopolitical transformations and the escalation of sanctions confrontation between the largest economic blocs of the world actualize the issue of forming an alternative Western-centric model of the international economic order. The study focuses on a comprehensive analysis of the BRICS institutional mechanisms as a potential basis for a multipolar global governance architecture, examining the evolution of parallel financial institutions and innovative mechanisms for trade and economic cooperation within the association. The paper provides a detailed analysis of the transformation of the BRICS positions in the global economy, where the share of the association’s countries in global GDP at purchasing power parity reached a record 37,3 % by 2024, exceeding the G7’s 29 %. The study reveals qualitative changes in the association’s institutional architecture, including the creation of the BRICS New Development Bank with a capitalization of $100 billion, the functioning of the Currency Reserve Pool of a similar volume, and the development of innovative BRICS Bridge and BRICS Pay payment systems. Particular attention is paid to the analysis of the Russian Financial Messaging System (SPFS), which by 2024 had become a member of 584 organizations from 20 countries, demonstrating the potential for creating a financial infrastructure independent of SWIFT. The results of the study confirm the hypothesis about the formation of a qualitatively new model of international economic interaction based on the principles of multipolarity, economic sovereignty and the use of national currencies in international settlements. The average growth rate of the BRICS economies is 4,4 % versus 1,7 % for the G7 countries, which indicates a dynamic transformation of the global economic landscape. The work demonstrates that the institutional mechanisms of the BRICS create the preconditions for the formation of an alternative to Western institutions global governance system capable of ensuring a fairer distribution of economic power in international relations.

Keywords: BRICS; multipolarity; international economic order; financial institutions; alternative payment systems; trade and economic cooperation; economic sovereignty; global governance; de-dollarization

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