BRICS Plans New Trade Model without the Dollar
BRICS, 21 Jul 2025
Coin Tribune | BRICS Portal - TRANSCEND Media Service
Several members of the bloc, including Russia and Brazil, confirm that trade in national currencies is already underway.
17 Jul 2025 – Can the dollar lose its global supremacy ? What was speculation yesterday is now taking a concrete diplomatic turn. As the BRICS summit in Rio approaches, major emerging economies are placing transactions in local currencies at the heart of their strategy. This shift is set against a backdrop of increasing geopolitical tensions and demands from the global South for a more balanced financial system. Behind this dynamic lies a possible redefinition of the rules of global trade.
Trade in Local Currencies Establishes Itself as a Diplomatic Priority
While the dollar’s hegemony is coming to an end, Denis Alipov, Russian ambassador to India, stated that “the BRICS bloc is a serious platform to discuss common solutions to major challenges,” during a conference organized in New Delhi by the Brazilian embassy and the Center for Global Perspectives of India. The diplomat confirmed Moscow’s commitment to expanding trade exchanges in national currencies, noting that this mechanism was already in use among certain members.
He also sought to dispel suspicions about an anti-Western strategy of the bloc: “the BRICS alliance is not a counter-bloc. It is a center of gravity for countries seeking mutual respect and non-interference.”
On the Brazilian side, Ambassador Kenneth da Nobrega also emphasized the effectiveness of this approach: “it’s a long road. But trade in local currencies? It already works.”
This strategic direction aims to strengthen the monetary resilience of member economies in the face of turbulence in the dollar-dominated system. It fits within a context of increasing questioning of the global economic order, fueled notably by American protectionist policies and the persistent threat of extraterritorial sanctions. In this regard, several points clearly emerge from these diplomatic exchanges :
– Trade in local currencies is already a reality among some BRICS members, notably between Russia, India, and China;
– this dynamic aims to reduce dependence on the dollar in bilateral and multilateral transactions;
– the project is not presented as a confrontation with the West, but rather as a lever for economic emancipation;
– the initiative enjoys broad diplomatic consensus, unlike more sensitive issues such as the common currency or bloc governance;
– the integration of new members such as Iran, Indonesia, or the United Arab Emirates strengthens the geo-economic legitimacy of this strategy.
This coherent stance, expressed a few weeks before the Rio summit, marks an important step in the BRICS bloc’s financial disintermediation strategy.
It also paves the way for more technical discussions on the connectivity of local payment systems and interoperability of national currencies, without crossing the institutional threshold that a common currency would represent.
Go to Original – infobrics.org
Tags: Anti-hegemony, Anti-imperialism, BRICS, BRICS Currency, Brazil, De-dollarization, Dollar, Economics, Finance, Global South, Money, Russia, USA
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