If all members and partners follow the example of Russia and Kazakhstan, the US dollar will be the currency hit the hardest.
Developments within the BRICS are causing a monetary earthquake, as partner country Kazakhstan and founding member Russia have achieved 100% de-dollarization in 2025. Russian President Vladimir Putin announced during his meeting with Kazakhstan President Kassym-Jomart Tokayev that the two countries have managed to completely bypass the US dollar in all forms of trade and cross-border transactions. The two BRICS countries are now conducting their transactions in local currencies — the ruble and the tenge — thus strengthening the de-dollarization process. Earlier this year, about 90% of trade was already conducted in national currencies. Now, the cycle is complete, with local currencies forming the basis of all transactions, according to WatcherGuru.
"Great joy" over complete de-dollarization
Vladimir Putin stressed that achieving 100% de-dollarization is "great joy" for both economies. "We have achieved almost 100% of settlements being conducted in national currencies, which is a great joy for us, as it creates conditions of stability for economic actors," he stated. The two countries began using local currencies following the 2022 US sanctions against Russia — a development that activated the global de-dollarization agenda. The invasion of Ukraine was the reason for the sanctions imposed by the White House. Even after three years, the sanctions not only remain but are being strengthened by the Trump administration.
Investments and projects worth "tens of billions"
Putin emphasized that the two countries have businesses in their regions with projects reaching "tens of billions of dollars, if calculated in dollar terms." The two BRICS countries are actively cooperating, expanding their business activities while simultaneously promoting de-dollarization. "We are working actively at the international level and are members of our regional organizations," he noted.
De-dollarization at the core of the BRICS agenda
De-dollarization remains a central goal for the BRICS, especially for Russia and China. If all members and partners follow the example of Russia and Kazakhstan, the US dollar will be the currency hit the hardest. Local currencies could dominate trade among emerging economies, leading the US to a large deficit.
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