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BRICS Accelerates De-Dollarization in Global Trade, Challenging US Monetary Dominance
BRICS Accelerates De-Dollarization in Global Trade, Challenging US Monetary Dominance
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BTCCSquare news:
BRICS nations are rapidly reducing reliance on the US dollar for trade settlements, with Russian oil transactions in dollars plummeting from 50% to just 5% of deals. India has introduced rupee-based Vostro accounts, streamlining direct payments in local currencies among member states. These moves signal the most significant threat to dollar hegemony in decades.
Russia's dramatic shift follows Western sanctions, with Andrei Klintsevich of the Russian Center for Military and Political Conflict Studies noting the transformation occurred through strategic partnerships with Belarus and other nations. Meanwhile, India's Reserve Bank has eliminated prior approval requirements for Vostro accounts, accelerating the de-dollarization process.
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