Brazil and Russia issued a joint statement criticising unilateral sanctions and calling for stronger central bank co-operation, in what appeared to be a veiled swipe at US President Donald Trump's warnings against BRICS nations reducing their dependence on the dollar.

The document, released on February 5 at the conclusion of the VIII Meeting of the Brazilian-Russian High-Level Co-operation Commission, advocated strengthening the role of central banks and rejected "unilateral coercive measures, particularly against developing countries," classifying them as unlawful and incompatible with international law.

Vice-President Geraldo Alckmin and Russian Prime Minister Mikhail Mishustin co-signed the statement following meetings in Brasília focused on expanding bilateral trade and economic co-operation. Mishustin led a delegation of ministers and government agency heads.

"Certainly, the independent payment architecture should be used more actively," Mishustin told the high-level commission, according to TASS. He said the countries needed to scale up payments in national currencies and develop direct bank-to-bank interaction.

Brazil and Russia praised the "high level of relations between the central banks of the two countries" and expressed support for deepening dialogue on financial issues, especially within the BRICS framework. The parties stressed the importance of exchanging experiences in contemporary payment instruments, signalling interest in advancing alternatives to the dollar-dominated international financial system.

Without mentioning specific examples such as Venezuela, Cuba, Iran or Russia itself – targets of unilateral sanctions imposed primarily by the US and EU – the statement asserted that such measures "violate human rights, harm sustainable development and represent a serious affront to state sovereignty."

The declaration also noted the creation in 2025 of an Economic and Financial Dialogue between the Brazilian and Russian finance ministries, aimed at coordinating bilateral financial and economic cooperation.

At a Brazil-Russia Business Forum held in conjunction with the meetings, both countries consolidated their mutual interest in strengthening trade relations. "This forum was created so that we can expand exports of manufactured goods and higher value-added products between our countries," Alckmin said.

President Luiz Inácio Lula da Silva and Mishustin agreed on the still largely untapped potential of bilateral trade, whose figures do not yet reflect the size of both economies, according to a statement from the Planalto Palace.

Bilateral trade reached $10.9bn in 2025, with Brazil exporting $1.5bn to Russia, representing 0.4% of total Brazilian exports and a 5% increase compared with 2024. Brazilian imports from Russia totalled $9.4bn, down 14.2% from the previous year, with the main focus on petroleum fuels and chemical fertilisers.

Alckmin acknowledged the trade imbalance during his speech at the business forum, Sputnik reported. "The trade balance, however, is largely in deficit for Brazil," he said, pointing out that the result stems mainly from imports of Russian inputs, especially for the agricultural sector.

The biggest challenge lies in diversifying the export portfolio beyond commodities, according to ApexBrasil, Brazil's trade promotion agency, which identified 217 opportunities for expanding exports to Russia, including alumina, motor vehicles, soybeans, cocoa powder and fresh or dried fruits and nuts.

Russian Deputy Prime Minister Alexey Overchuk told journalists that the main topic at the business forum concerned how to diversify trade and expand it to include high-value-added goods.

Currently, Russia's main exports to Brazil are oil and petroleum products as well as mineral fertilisers, while Brazil's main exports are agricultural products, primarily coffee and meat. Russian coffee imports from Brazil surged 267 % in 2025 compared with 2024, according to Pavel Cardoso, president of the Brazil-Russia Business Council.

The parties discussed reducing trade barriers related to technical regulation and the construction of a direct shipping line from St Petersburg to Brazil, Overchuk said.

The issue of resuming direct air service between the countries was also raised, with Russian Transport Minister Andrei Nikitin proposing an "air bridge" to boost tourism flows, which currently stand at 30,000 Russian tourists visiting Brazil annually.

"We are ready to start any moment [...] Our colleagues should decide and stop fearing some restrictions [...] They, of course, are afraid of sanctions risks, but quite a lot of people from Russia fly here, and Brazilians fly to Russia, therefore, I do hope that we can make headway," Nikitin said, as quoted by Interfax. He noted that direct air links had been lacking even before western sanctions were imposed following Russia's 2022 full-scale invasion of Ukraine.

The joint statement presented a strong position in favour of reforming the international financial architecture, stating that Bretton Woods institutions such as the International Monetary Fund and World Bank "must be urgently reformed to make them more representative, agile, effective, credible and inclusive."

Brazil and Russia reaffirmed the central role of the G20 as the main forum for international economic co-operation and expressed concern about attempts to restrict developing countries' participation, specifically noting worries about preventing South Africa's participation in 2026.

Russia reiterated its support for Brazil as a "strong and natural candidate for permanent membership" in a reformed UN Security Council, according to the joint statement.