BRICS Accelerates De-Dollarization with National Currency Trade Settlement Push

BRICS nations are rapidly advancing their de-dollarization agenda, with Russian President Vladimir Putin revealing that 90% of intra-bloc trade now settles in national currencies. The shift—accelerated by Western sanctions against Russia—has significantly reduced transaction costs while challenging the dollar's hegemony in global trade settlements.

Putin's announcement at the 17th BRICS Summit highlights strategic progress in developing alternative payment infrastructures, including digital systems and traditional channels. The alliance has reportedly tested a gold-backed digital currency prototype, marking another milestone in its multi-pronged approach to reducing dollar dependency.

"This isn't just about circumventing sanctions—it's about building permanent alternatives to a dollar-dominated system," observed a Moscow-based economist familiar with the initiative. The MOVE coincides with growing interest in blockchain-based settlement solutions among emerging economies.