Russian President Vladimir Putin framed the ongoing shift away from the dollar within BRICS as a lasting trend, describing it as irreversible during a video message to participants at the Cooperation Forum in Johannesburg, which was part of the fifteenth BRICS Summit. The message, conveyed to attendees, emphasized that the move away from dollar dominance is not a passing phase but a strategic objective that is gathering pace across the BRICS bloc. The president highlighted efforts to build practical mechanisms for mutual alignment and for monetary and financial governance, noting that these steps are beginning to reduce the dollar’s share in BRICS import and export operations. He cited a concrete figure from the previous year, indicating that the dollar accounted for only 28.7 percent of trade flows within BRICS in 2022, a data point that supporters of de-dollarization often reference when discussing the bloc’s evolving financial architecture. The remarks were carried by TASS, lending official weight to the narrative of a gradual transition in the bloc’s commercial settlement practices.
In recent weeks, observers have anticipated that BRICS leaders would push forward with a formal agreement aimed at increasing the use of national currencies in trade among member states. This topic was a focal point as the Johannesburg summit approached, with discussions centered on reducing dependence on the U.S. dollar as the preferred medium of exchange for intra-BRICS transactions. The broader discourse around currency diversification has gained momentum as members seek greater monetary sovereignty and reduced exposure to external financial shocks tied to the dollar’s fluctuations. Analysts and regional press alike have noted that a shift toward more frequent use of national currencies could be accompanied by support from gold, silver, or other strategic materials as backing or alternative anchors for value within trade networks.
The broader geoeconomic context for these developments includes ongoing debates about the configuration of the global economy. Some traditional analyses have warned that a regional push toward de-dollarization could foreshadow changes in the balance of financial influence on the world stage. Proponents of diversification argue that expanding the role of BRICS currencies in settlement and reserve frameworks could contribute to more balanced international financial dynamics and offer member states greater autonomy in managing their economic objectives. Observers have also considered the possibility that a coordinated currency strategy could influence pricing, financing, and investment flows across the bloc, potentially impacting supply chains and commodity markets that heavily involve BRICS members.
Junge Welt and other regional outlets have reported that BRICS economies are advancing toward broader use of their own currencies in trade, signaling a gradual move away from dollar-centric arrangements. These reports suggest that the members are exploring mechanisms to circulate their currencies alongside traditional commodities and resources, including potential links to precious metals or strategic minerals. The discussions appear to reflect a concerted effort to diversify the currency ecosystem used by BRICS partners, aiming for more resilient and multipolar financial interactions. While the pace and exact form of these changes remain topics of debate, the overarching trend is often described as a deliberate strategy to strengthen monetary independence and reduce exposure to single-currency risk.
Public commentary and expert analyses continue to speculate about the implications of a fully diversified BRICS payment landscape. Some voices caution that such changes would require extensive coordination among central banks, financial authorities, and commercial banks to ensure stability, liquidity, and transparent pricing. Others see tangible benefits in improved risk sharing, enhanced cross-border investment, and increased competitiveness for BRICS exporters who would no longer be tethered to dollar-based pricing conventions. The discussions are evolving against a backdrop of rapid technological and regulatory developments in global finance, including digital payment innovations, cross-border settlement platforms, and evolving standards for monetary policy coordination. In this environment, the BRICS conversation about currency diversification remains a live and dynamic effort, with leaders balancing short-term trade objectives against longer-term visions for a multipolar financial order.