Russia is accelerating its de-dollarization efforts by leveraging the BRICS Bank, promoting alternatives to dollar-based financing and advocating for a multipolar financial system aimed at challenging Western control over global markets.
Russia Accelerates De-Dollarization via BRICS Bank—Is the Dollar’s Dominance at Risk?
Russian Deputy Foreign Minister Sergey Ryabkov emphasized the country’s strategic collaboration with the BRICS New Development Bank (NDB) to promote financing in national currencies, during an interview with Komsomolskaya Pravda published on Monday. His remarks reinforced Moscow’s commitment to increasing the use of local currencies in global finance, amid what he characterized as continued Western attempts to hinder the bank’s activities within Russia.
According to the Russian official, under the renewed leadership of President Dilma Rousseff, the New Development Bank is actively working to fulfill its mandate in a balanced and inclusive way. The bank’s administration is making efforts to ensure its goals are achieved equitably. As reported by Tass, Ryabkov highlighted that Russia’s cooperation with the institution covers multiple sectors, with a particular focus on increasing non-dollar financing, noting:
We proceed with the work with the bank in various areas, including on issues of expanding financing in national currencies and development of innovative processes in the field of investment and financial instruments.
The official noted that Western-imposed restrictions continue to hinder the bank’s operations in Russia, stating, “Unfortunately, sanctions pressure from Western nations still obstructs the bank’s ability to function normally within the Russian Federation.”
The Russian Deputy Foreign Minister further stressed that this issue is not exclusive to Russia, highlighting a shared understanding among BRICS nations regarding the destabilizing impact of sanctions on the global order. He elaborated:
Russia’s BRICS partners share its concerns over the negative influence of unlawful sanctions not only on the economic situation in separate countries, but also on the global economic system overall.
He remarked that “members of the association share a unified stance that these measures weaken the multilateral trade framework and obstruct progress toward sustainable development goals.” Although the bloc continues to receive criticism for moving away from traditional Western-led institutions, its members consistently support the creation of a more equitable, multipolar financial system that is less vulnerable to unilateral sanctions.
