- Russia has launched a major initiative to remove the U.S. dollar from trade among BRICS countries.
- The Russian government says it may suspend U.S. dollar transactions at any time.
- Finance Minister Anton Siluanov urges BRICS nations to use their own currencies for all trade deals.
- The plan aims to protect the New Development Bank and shield BRICS from Western financial sanctions.
- China and Iran appear supportive, while India, South Africa, and the UAE show hesitance about abandoning U.S. dollar assets.
Russia started a sweeping effort this week to move the BRICS alliance away from the U.S. dollar. The push aims to reduce reliance on the Western financial system and boost the use of national currencies among its members.
Russian Finance Minister Anton Siluanov told RT that the government could halt U.S. dollar transactions without notice. Siluanov said the de-dollarization plan will become the main focus for BRICS economic policy discussions going forward.
The minister described the U.S. dollar as “a third-party currency” and said it should be avoided in all BRICS cross-border transactions. He added that using local currencies—such as the Russian ruble, Chinese yuan, Indian rupee, and South African rand—would offer an alternative for settling payments.
Siluanov explained, “Our BRICS de-dollarization drive would not involve Western financial infrastructure or settlement in currencies of those countries that imposed sanctions on Russia and would secure the New Development Bank from possible risks.” He said these measures would help keep BRICS less affected by potential payment suspensions or restrictions from Western institutions.
According to Siluanov, even if the U.S. removes sanctions, Russia will not return to using the U.S. dollar as a main reserve currency in its central bank. He noted that the reliability and independence of national currencies are now a priority for Russia and its partners.
Russia is now seeking new trade agreements within BRICS that would accelerate this shift. While China and Iran are likely to support the policy, India, South Africa, and the UAE may hesitate, as these countries value U.S. dollar assets for supporting economic growth.
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