Russia and BRICS are developing parallel financial systems that operate independently of Western networks.
Russia has confirmed the BRICS plan to reduce the use of the dollar in trade transactions among the alliance members. This move involves the broader use of national currencies in mutual settlements, aiming both to protect trade interests and ensure global financial stability in response to Western sanctions, as reported by Watcher.Guru.
National currencies instead of the dollar
The spokesperson for the Russian Ministry of Foreign Affairs, Maria Zakharova, stated that the BRICS nations are "creating the necessary conditions for the use of national currencies in mutual settlement processes." She added that this is a complex process requiring time, but all member states remain committed to achieving practical results. Russia's Finance Minister, Anton Siluanov, explained that the current international financial infrastructure relies on Western systems and reserve currencies, which are increasingly used as tools of political and economic pressure. De-dollarization, according to Siluanov, constitutes a response to the geoeconomic fragmentation caused by the abuse of trade and financial restrictions.
Western sanctions as a catalyst
Russian officials clarified that this strategy is not an attack against the dollar. Zakharova emphasized that "Western illegal and politicized sanctions are pushing the abandonment of the American currency" and that de-dollarization is an "objective global trend." In practice, approximately 90% of Russian settlements with BRICS countries are already conducted using the alliance's national currencies and currencies of "friendly nations."
New infrastructure for independence from the dollar
Russia and BRICS are developing parallel financial systems that operate independently of Western networks. The BRICS Cross-Border Payment Initiative (BCBPI) will utilize national currencies instead of the dollar, reducing exposure to secondary sanctions. Zakharova stressed that bilateral relations remain central and are not directed "against anyone," underlining that these are reliable and effective trade partnerships.
Challenges and prospects
The success of de-dollarization depends on the ability of member states to coordinate and overcome technical challenges during the transition from dollar-centric systems. The BRICS plan aims for the gradual strengthening of alternative infrastructures, promoting the stability and autonomy of member countries against Western pressures.
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