BRICS continues to gain unstoppable momentum as member nations rapidly abandon the U.S. dollar, build resilient payment systems, and forge a historic new economic frontier beyond Western control.
Russian Foreign Minister Sergey Lavrov highlighted the growing use of national currencies among BRICS members instead of the U.S. dollar and other Western currencies. In an April 28 interview with Brazilian newspaper O Globo, Lavrov also discussed the possibility of a single BRICS currency and stressed the importance of developing resilient settlement systems, according to Tass.
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.
He explained:
Lavrov Confirms Rapid BRICS Shift Away from US Dollar
He cited a significant shift in Russia’s transactions within the bloc, stating, “For example, the rouble and the currencies of our friendly countries accounted for 90% of Russia’s settlements with BRICS countries in 2024.”
Lavrov stressed broader economic trends and remarked, “The West imposes sanctions on undesirable countries and exploits its monopoly on financial markets, causing harm to many. Using reserve currencies as a competitive tool is unacceptable. Political motives can block payment transactions, even when they involve socially important goods.” He pointed to the increasing fragmentation of the global economy as the key driver pushing nations in the Global South and East toward dedollarization, attributing the shift to a lack of trust in Western-led international financial institutions.
BRICS countries are actively constructing a cross-border payment and settlement infrastructure to expand the use of national currencies and build more autonomous systems free from external political pressures. Lavrov stated that these developments reflect one of the defining global economic movements currently underway.
While addressing the future potential of a common BRICS currency, Lavrov urged caution and emphasized the need to establish favorable conditions first. “A transition to a single currency for BRICS would be premature,” the Russian official stated, adding:
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.
Kremlin spokesman Dmitry Peskov emphasized in January that BRICS currently focuses on establishing investment platforms in third countries, rather than forming a monetary union. He made these comments in response to U.S. President Donald Trump’s warnings about imposing tariffs on BRICS nations if they abandoned the U.S. dollar.
