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Russia used the US dollar for nearly 80% of all transactions globally before the sanctions but now declined by 67%. Currently, BRICS member Russia pays the US dollar for only 13% of all Hace 2 días Russia taps BRICS Bank to accelerate de-dollarization, challenge the united states dollar, and push local currency use in global trade. Russia’s Foreign Minister, Sergey Lavrov confirmed that BRICS has paid more than 65% of trade settlements among member countries in local currencies and not the Its finances have effectively been cut off from the international financial systemat least as far as the dollar, euro, and other major western currencies are concerned. Russia’s Foreign Minister Sergey Lavrov confirmed that BRICS members have settled 67% of trade in local currencies, and only 33% of deals were paid in US dollars. Russian President Vladimir Putin confirmed that 80% of trade between the two nations now bypasses the US dollar and settles in their local currencies. This move aligns with

BRICS US Dollar Settlement Declines 67% in Russia: A New Era of De-Dollarization

The landscape of international trade is undergoing a significant shift, particularly within the BRICS nations, as they actively move away from reliance on the US dollar. A key example is Russia, where the use of the US dollar in trade settlements has dramatically decreased. Before sanctions, Russia used the US dollar for nearly 80% of all transactions globally. However, that figure has now declined by 67%.

Russia's De-Dollarization Strategy: A BRICS-Fueled Transformation

Currently, BRICS member Russia pays for only 13% of all transactions in US dollars. This sharp decline highlights Russia's commitment to de-dollarization, a strategy further solidified by its reliance on institutions like the BRICS Bank to accelerate this transition. This push aims to challenge the United States dollar's dominance and promote the use of local currencies in global trade.

BRICS: Pioneering Local Currency Trade Settlements

Russia’s Foreign Minister, Sergey Lavrov, confirmed that BRICS members have settled 67% of trade in local currencies, with only 33% of deals now conducted in US dollars. This shift signifies a broader trend within the BRICS alliance towards economic independence and reduced vulnerability to fluctuations in the US dollar's value. Its finances have effectively been cut off from the international financial system, at least as far as the dollar, euro, and other major western currencies are concerned.

Bypassing the US Dollar: Bilateral Trade Agreements

The move towards local currency settlement isn't limited to BRICS nations. Russian President Vladimir Putin confirmed that 80% of trade between Russia and certain nations now bypasses the US dollar, settling instead in their respective local currencies. This move aligns with a global trend towards diversifying trade relationships and reducing dependence on traditional financial systems.

The Future of Global Trade: BRICS Leading the Way?

The significant decline in US dollar settlements in Russia, coupled with the increasing use of local currencies within the BRICS bloc, signals a potential reshaping of the global financial order. While the US dollar remains a major player, the growing influence of BRICS and their commitment to de-dollarization suggest a more multipolar future for international trade and finance.

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