- BRICS countries are reducing reliance on the U.S. dollar through local‑currency trade settlements and alternative payment systems in 2026.
- Russia and China report roughly 90% of bilateral settlements in national currencies such as the ruble and the yuan.
- New and expanded infrastructure—BRICS Pay, mBridge, SPFS, CIPS, and UPI—enables direct and instant cross‑border payments.
- Political tensions rose after a U.S. threat of 100% tariffs on de‑dollarizing countries and an emergency summit in September 2025 involving Brazilian leadership.
- S. Jaishankar reiterated that India does not seek to replace the dollar and emphasized the dollar’s role in global economic stability.
Vladimir Putin and BRICS officials say 2026 has accelerated moves away from the dollar as member states increase local‑currency trade and build alternative payment platforms. The shift aims to bypass greenback intermediaries and lower transaction costs among BRICS partners.
Russia and China now settle about 90% of trade in national currencies, according to comments by Vladimir Putin. "We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening." He added that "the use of national currencies in trade between our countries is steadily growing: in 2024, the share of our national currency, the ruble, and the currencies of friendly countries in Russia’s settlements with other BRICS countries amounted to 90 per cent."
The technical layer expanding this shift includes BRICS Pay and links between national systems such as SPFS, CIPS, and UPI. Platforms like mBridge allow instant central‑bank payments using digital national currencies among China, Hong Kong, Thailand, and the United Arab Emirates.
Political pressure has influenced the agenda. A U.S. threat of 100% tariffs on countries pursuing de‑dollarization prompted an emergency summit in September 2025 involving Brazilian President Lula da Silva. BRICS officials said the topic will feature prominently at summits and could bring developing nations into a "whole new ball game."
S. Jaishankar clarified India’s position, stating "I do not believe we have any policy to have a replacement to the dollar. Global economic stability is pegged on the dollar as the reserve currency, and currently, the last thing we want in our world is less economic stability. I do not believe that there is a coherent BRICS stance to this." Putin also noted that creating a single BRICS currency is premature.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- CLARITY draft limits stablecoin yields, banks gain edge 2026
- Wrench attacks surge in France: crypto exec, family tied-up!
- Standard Chartered: Ethereum Poised for $7,500 ATH for 2026.
- Senate Delays CLARITY Act; XRP, SOL, DOGE, LINK Gain Parity.
- VanEck Sees Q1 Risk-On; Bitcoin Decouples, Six-Figure Bets!!
