BRICS members Russia, China, and India have significantly reduced their reliance on the US dollar in trade transactions, marking a notable stride in the alliance’s de-dollarization efforts, Tasnim news agency reported.
Tatiana Mohaghan, Secretary General of the International Chamber of Commerce (ICC), unveiled this substantial shift in currency usage within Russia’s trade dealings with these two BRICS nations.
The transformation is characterized by a remarkable surge in the utilization of local currencies in trade exchanges between Russia and its BRICS counterparts. Furthermore, the ICC’s findings indicate a substantial decline in Russia’s export settlements conducted in either US dollars or Euros. Notably, these settlements have plummeted from over 85% in 2021 to a mere 34% last year, as reported by watcher.guru.
Throughout the past year, the BRICS economic alliance has openly articulated its commitment to de-dollarization initiatives.
Especially amidst heightened Western sanctions targeting Russia, the nation has strategically realigned its trade focus. Consequently, the bloc has witnessed a palpable increase in the utilization of local currencies for mutual trade transactions.
