Unstoppable momentum is being gained by BRICS, with the U.S. dollar being rapidly abandoned, resilient payment systems being built, and a historic new economic frontier being forged beyond Western control.
The growing use of national currencies among BRICS members, in place of the U.S. dollar and other Western currencies, has been highlighted by Russian Foreign Minister Sergey Lavrov, who also discussed the possibility of a single BRICS currency. In an April 28 interview with Brazilian newspaper O Globo, it was emphasized by Lavrov that the development of resilient settlement systems is crucial, as reported by Tass. He explained:
We have been working within BRICS to ensure that there are no disruptions when carrying out payments and have been quite effective in our efforts.
A significant shift in Russia’s transactions within the bloc was cited by him, with it being stated: “For example, 90% of Russia’s settlements with BRICS countries in 2024 were accounted for by the rouble and the currencies of our friendly countries.”
Broader economic trends were stressed by Lavrov, who remarked: “The imposition of sanctions by the West on undesirable countries, exploiting its monopoly on financial markets, is causing harm to many. Using reserve currencies as a competitive tool is unacceptable. Payment transactions can be blocked for political reasons, even when socially important goods are involved.” Against this backdrop, the increasing fragmentation of the global economy was pointed to by Lavrov as a driving force behind the movement of nations in the Global South and East toward dedollarization, which is attributed to a lack of trust in Western-led international financial institutions.
A cross-border payment and settlement infrastructure is being actively constructed by BRICS countries, with the aim of expanding the use of national currencies and creating more autonomous systems free from external political pressures. It was stated by Lavrov that these developments reflect one of the defining global economic movements currently underway.
When addressing the future potential of a common currency within BRICS, caution was expressed by Lavrov, who emphasized that favorable conditions must first be established: “A transition to a single currency for BRICS would be premature,” was stated by the Russian official, who added:
We can come back to the question about a common currency or a single payment unit for BRICS once the necessary financial and economic conditions are in place.
It was emphasized by Kremlin spokesman Dmitry Peskov in January that the focus of BRICS is currently on establishing investment platforms in third countries, rather than pursuing a monetary union. These comments were made in response to warnings from U.S. President Donald Trump about tariffs being imposed on BRICS nations if they were to abandon the U.S. dollar.
