BRICS: National Currency Use Rises to 75% to Avoid Dollar Risks

While the West is ingeniously working to organize the confiscation of Russia’s $300 billion frozen in Europe and the USA, the BRICS countries are developing a financial system based on the widespread use of national currencies in international trade within the group. Russian Finance Minister Anton Siluanov told reporters on the sidelines of the G20 ministerial conference in Sao Paulo, Brazil, that “facing the risks associated with the use of the US dollar, the BRICS countries will always bet more on the most reliable national currencies and, in the future, on payment systems based on digital assets.”

BRICS+ is a powerful international alliance founded by and comprising Brazil, Russia, India, China, and South Africa, joined by Iran, Saudi Arabia, Egypt, the United Arab Emirates, and Ethiopia in early 2024. A group with a total population of about 3.5 billion people, 45% of the world’s total population, controls more than 30% of the world’s economy and 30% of the world’s oil reserves.

“We have constantly tried to reduce the share of dollars used in our BRICS transactions, and in 2024 we managed to reduce the use of the dollar to less than 25%,” Minister Siluanov said, emphasizing that “the use of the dollar involves very serious risks because it can be taken away.” According to Siluanov, “it is much more reliable to use national currencies, and this is exactly what we are trying to do.” According to Russia’s proposal, the BRICS agenda includes “the creation of an independent payment infrastructure based on digital assets,” a “depoliticized, user-friendly, and reliable payment system,” which, according to Siluanov, “will be able to receive the support of all countries of the Group.” The Group’s finances are managed by the New Development Bank (NDB) based in Shanghai, China.