BRICS Shifts Trade Away from US Dollar

BRAZIL: Member countries of the BRICS alliance—Brazil, Russia, India, China, and South Africa—along with newly associated nations such as Ethiopia, Egypt, Indonesia, Iran, and the United Arab Emirates, are increasingly conducting trade in their national currencies rather than the US dollar.

According to recent reports, over 65% of trade among BRICS nations is now denominated in their own currencies.

Russian Foreign Minister Sergey Lavrov recently confirmed this shift during the conclusion of the BRICS Foreign Ministers’ Meeting held in Brazil.

He stated that the transition away from the US dollar reflects the bloc’s strategic commitment to strengthening financial sovereignty and reducing dependency on Western-dominated financial systems.

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Lavrov further revealed that discussions are underway regarding the establishment of an independent payment platform known as “BRICS Pay”—a system intended to facilitate transactions among member countries using their own currencies.

This initiative aligns with the agreements reached by BRICS finance ministers and central bank governors during the Kazan Summit, where the use of national currencies in mutual trade was emphasized as a key priority.

In line with this development, Ethiopia has not only joined BRICS but has also taken significant steps to reinforce its financial integration with the group.