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The central Bank of Brazil has launched testing of the Drex digital real for direct cross-border B2B payments from the UAE. Payments are made without correspondent banks — through a direct CBDC bridge between Drex and the digital dirhams. This is the first expansion of the Brazilian pilot beyond the BRICS partners. For Russian companies using the UAE as a settlement hub, this is a new contour for potential payment schemes.

BRICS is discussing the replacement of the petrodollar as a settlement currency in international trade. At the center of this discussion is Brazil with its digital currency DREX, the status of the largest agricultural exporter in the bloc, and growing trade with India and China. For Russian businesses working with Brazil, the topic goes beyond the realm of theory.