BRICS nations, especially Iran and Russia, are actively moving away from using the US dollar in their trade dealings.
The de-dollarization trend is driven by economic sanctions and geopolitical shifts, with over 90% of Russia’s trade with China and India now in national currencies.
The global push toward de-dollarization is gaining momentum, particularly among BRICS nations. Despite the US dollar’s enduring dominance in international trade, several countries have taken significant steps to reduce their reliance on the greenback. Economic sanctions and shifting geopolitical alliances have fueled the trend.
Iran and Russia, both members of the BRICS bloc, have officially moved away from using the US dollar in their trade dealings. Mohammad Reza Farzin stated:
We (BRICS members Iran and Russia) have entered into a currency agreement with Russia and fully removed the US dollar. Now we only trade in rubles and rials.
The agreement was bolstered by a currency swap policy established in
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