BRICS Faces Resistance to Russia’s Dollar-Independent Settlement Proposal
Russia's ambitious push for a BRICS-wide settlement system bypassing the U.S. dollar meets lukewarm reception among member states. Finance Minister Anton Siluanov concedes most partners still prefer dollar transactions despite growing geopolitical tensions.
The Kremlin continues advocating direct trade in national currencies as insurance against potential U.S. sanctions. "When restrictions tighten, alternatives gain appeal," Siluanov noted, framing the proposal as contingency planning rather than immediate dollar abandonment.
BRICS members appear cautious about overhauling settlement systems while the dollar remains global trade's dominant medium. The bloc's economic heavyweights—China aside—show limited appetite for currency experimentation absent existential pressure.
