Russia has confirmed its BRICS plan to slash USD use. The move involves expanded national currency settlements, and officials are positioning this as a direct response to Western sanctions. Russian Foreign Ministry spokesperson Maria Zakharova stated during a December 25th press briefing that member states are right now building the conditions needed for using BRICS national currencies in their mutual trade—a process that’s apparently been in the works for some time now.
Here’s the thing—officials designed this de-dollarization strategy to protect trade interests and also strengthen global financial stability at the same time. Russia is defending trade interests by positioning these alternative payment systems as defensive responses to Western pressure (rather than attacks on American currency itself).
Also Read: BRICS 2025 Summary: De-Dollarization Push and Gold Reserves Surge
How Russia Uses BRICS National Currencies And De-Dollarization To Protect Trade
National Currencies Replace The Dollar In Trade
The BRICS plan to slash USD use centers on practical implementation. And multiple officials have confirmed this. Zakharova emphasized during the briefing that “the main focus of BRICS member states is aimed at creating conditions to use national currencies in mutual settlements.” She actually acknowledged this as a difficult process that will require time, but she confirmed that all association countries remain committed to achieving some practical results.
What’s interesting is how Russia’s Finance Minister Anton Siluanov explained the motivation behind the BRICS plan to slash USD use at a February 2024 meeting in São Paulo—his comments really shed light on the reasoning:
The current system is based on existing Western financial infrastructure and the use of reserve currencies. It is severely flawed and is increasingly used as a tool of political and economic pressure. Another reason for a reform of the international monetary and financial system is the geo-economic fragmentation that became a result of the abuse of trade and financial restrictions.
These remarks highlight how Russia is defending trade interests through this de-dollarization strategy. Even as Western nations continue applying sanctions pressure.
Western Sanctions Drive The Shift Away
The reality is, Russian officials have been clear about clarifying that this de-dollarization strategy is not actually an attack on American currency itself. Zakharova stated during the briefing that BRICS, while pursuing this path, “does not oppose the dollar” and that officials “underlined this many times at various levels.”
She went on to explain that “western illegitimate and politicized restrictions prompt the abandoning of the American currency” and that “de-dollarization is an objective global trend.” In other words, it seems like a natural evolution of the global financial system.
President Vladimir Putin revealed at the 2024 BRICS Summit that right now, BRICS countries conduct about 90% of Russia’s settlements using BRICS national currencies along with friendly country currencies. This actually represents a significant shift—a major one, really—away from the dollar-dominated transactions that were common before.
Officials describe the weaponization of the dollar through sanctions as accelerating the move toward using BRICS national currencies. Russia presents this BRICS plan to slash USD use as a necessary measure to maintain global financial stability in the face of what it views as unfair financial restrictions.
New Systems Protect Trade From Disruption
Russia is defending trade interests by developing parallel financial systems. These can operate independently of Western-controlled infrastructure. The BRICS Cross-Border Payment Initiative (BCBPI) will be using BRICS national currencies instead of the US dollar, according to reports that have been released by Russia’s finance ministry and also the central bank.
This infrastructure is aimed at minimizing vulnerabilities for member states that are facing secondary Western sanctions. A real concern for many of these countries.
Also Read: BRICS Use Gold to Challenge Dollar Hegemony and Redefine Power
Zakharova noted that bilateral relations actually remain central to this approach, and she stated no one has ever aimed these partnerships “against somebody else.” The cooperation in energy and trade sectors represents what she called “perennial trustworthy effective trade and economic ties” rather than some kind of geopolitical maneuvering against the West.
As it turns out, BRICS national currencies are gaining traction in international settlements right now. The alliance continues building systems that promote global financial stability through diversified payment channels. Member states are implementing the BRICS plan to slash USD use gradually, as they work together to establish the technical infrastructure these alternative systems need.
The success of this de-dollarization strategy will depend on how well member states can actually coordinate their efforts and overcome the technical challenges involved in transitioning away from established dollar-based systems. Russia is defending trade interests not just for itself but also for other BRICS members who want to reduce their exposure to Western sanctions and financial pressure.
