- India opposes de-dollarization but supports using local currencies for cross-border trade
- Russian Ambassador Denis Alipov says BRICS is not anti-Western and members favor national currency alternatives
- BRICS has de-prioritized de-dollarization as India, UAE, South Africa, and Brazil decline to back the agenda
- China and Russia remain the main drivers of de-dollarization, with Iran aligning due to US sanctions
At the NDTV Defense Summit on Thursday, Russian Ambassador to India Denis Alipov confirmed that BRICS is not “anti-Western” and does not promote an agenda against Western interests. India, meanwhile, maintains its clear stance against de-dollarization while prioritizing local currencies in trade.
“BRICS is an alternative to other global platforms and organizations, such as the G20, for example, and other international formats,” Alipov stated. “And no one in BRICS has ever spoken in an anti-Western manner or promoted an anti-Western agenda.”
However, India is performing a delicate balancing act between the West and the East, requiring support from both sides to boost its economy. This juggling act has hindered BRICS from fully achieving its once-aggressive de-dollarization potential.
Consequently, BRICS has abandoned the de-dollarization agenda for the time being, as India, the UAE, South Africa, and Brazil decline to participate. Only China and Russia continue pursuing the ideology to meet their financial needs, with Iran siding with them due to US sanctions.
Meanwhile, several member countries believe China is using BRICS as a springboard for its financial ambitions. If China gains the upper hand, BRICS members would have to operate under its influence and dictated trade terms.
Alipov clarified the bloc’s currency stance, stating, “No one is opposed to the use of the US currency. We, the BRICS countries, favor having alternatives provided by the use of national currencies.” The consensus remains on local currency usage, not dollar rejection.
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