- BRICS confirmed that 90% of all transactions among member countries are now settled in local currencies.
- The announcement came during the 2025 BRICS summit in Rio de Janeiro.
- Most cross-border payments within the bloc use the Russian ruble and other national currencies instead of the U.S. dollar.
- Leaders, including President Vladimir Putin, emphasized that using local currencies strengthens cooperation among “friendly nations.”
- BRICS countries are discussing further improvements to payment infrastructure to increase local currency settlements and reduce reliance on Western financial systems.
At the 2025 summit in Rio de Janeiro, President Vladimir Putin announced that 90% of all transactions between BRICS members are now conducted using their own currencies. The shift moves away from the U.S. dollar in trade settlements among countries belonging to the BRICS alliance.
Putin said that most cross-border payments now use the Russian ruble along with other local currencies. In his speech, he stated that “the share of our national currency, the ruble, along with the currencies of friendly nations, accounted for 90% of Russia’s settlements with other BRICS states.” The rapid increase in local currency transactions is making the alliance’s economic ties stronger.
BRICS leaders are working to make payments in local currencies faster and easier. Discussions at the summit include upgrading logistics, insurance, and financial services to improve how payments are processed between member countries. The group’s stated goal is to compete with the West and create a financial network separate from systems dominated by the U.S. dollar.
Putin also noted that the alliance plans to expand local currency use in settlements. He said, “it is also necessary to further expand the use of national currencies in mutual settlements.” The group discussed new methods to improve efficiency in technology, resources, logistics, insurance, trade, and finance.
Russia has played a lead role in encouraging BRICS countries to use local currencies in trade. China is supporting a global shift away from the U.S. dollar—often called “de-dollarization”—and has influenced other parts of Asia, Africa, and South America.
The topic of local currency use dominated the 2025 summit discussions, with the U.S. dollar’s role in BRICS transactions continuing to decline. For more information, read the official BRICS settlement summary here.
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