BRICS Slashes US Dollar and Euro Transactions to Below 30%

BRICS nations are increasingly using national currencies, with 65% of transactions now conducted in local currencies, according to a Russian finance official. The U.S. dollar and euro account for less than 30% of payments among member states, signaling a strategic shift to reduce dependency on Western financial systems. The trend has accelerated due to sanctions and geopolitical tensions.

BRICS Nations Increase Use of National Currencies, Reducing Dollar and Euro Dependency

Russian Finance Minister Anton Siluanov has revealed a decline in the use of the dollar and euro within BRICS transactions, noting that these currencies now make up less than 30% of payments. Speaking in Moscow on Thursday, Siluanov pointed out that national currencies now account for 65% of the group’s transactions. He was quoted by Tass as saying:

Indeed, we are in practice using national currencies and the Russian ruble within BRICS — 65% of all the settlements is made in rubles, in national currencies.

This demonstrates a significant shift by BRICS countries towards their local currencies to reduce dependency on Western financial systems.

With the addition of Iran, Egypt, Ethiopia, Saudi Arabia, and the United Arab Emirates (UAE) in January, BRICS, which previously consisted of Brazil, Russia, India, China, and South Africa, has grown in economic and political influence. Siluanov confirmed:

The share of the dollar and the euro is declining and it is less than 30% now.

This trend aligns with BRICS’ broader strategy of promoting dedollarization, which has accelerated due to sanctions imposed on Russia and other geopolitical tensions. By encouraging the use of national currencies, BRICS nations are strengthening economic ties while insulating themselves from the effects of Western sanctions.

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